₹1904
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siri stock ✌️【Job Vacancy】✌️Turn ₹500 into massive returns with smart, high-yield investments!Alibaba Group Holding is selling its stake in Chinese department store chain Intime for 7.4 billion yuan ($1 billion) as the company returns it focus to e-commerce, even though the sale will lead to losses of 9.3 billion yuan.The Hangzhou-based behemoth said a consortium of buyers including Chinese billionaireLi Rucheng’s fashion conglomerate Youngor Group will acquire its 99% stake in Intime, as well as 1% owned by an unidentified minority shareholder, according to a Tuesday filing with the Hong Kong Stock Exchange.
siri stock ✌️【Job Vacancy】✌️₹500 is all it takes for safe, high-yield returns every month. Start now!With Yintai Group’s billionaire founderShen Guojun, Alibaba took the department store chain private in 2017 in a $2.6 billion deal.The e-commerce giant cofounded by billionaireJack Maharbored dreams of using internet technologies to upgrade brick-and-mortar retail.
For example, itonce wanted togenerate service fees by selling customer analysis algorithms to offline retailers, and take a cut from their revenues if sales improved.
It bought brick-and-mortar stores to experiment and diversify the company’s revenue streams.That plan never lived up to expectations, and Alibaba has said it will refocus on its core e-commerce business.
“Alibaba may continue to sell more assets and investors could already be expecting this,” Wang Xiaoyan, a Shanghai-based analyst at research firm 86Research, says in messages sent over WeChat.
“Management’s goal is now focusing on the pure internet-based business, and turning Alibaba back to an internet company.”Wang says Alibaba may also sell RT-Mart, the hypermarket chain it acquired a controlling stake of for about $3.6 billion in 2020.
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