Davis Polk Advises Intime Retail (Group) Company Limited on Strategic Investment by Alibaba Group

Davis Polk is advising Intime Retail (Group) Company Limited in connection with a proposed strategic investment by Alibaba Group. Pursuant to terms of the investment, Intime has conditionally agreed to issue shares and convertible bonds to Alibaba Group for an aggregate consideration of approximately $692 million. Intime will also form a joint venture with Alibaba Group in the PRC to explore opportunities in the online-to-offline (O2O) business.

The investment is subject to a number of conditions precedent, including the obtaining of shareholders’ approval. The investment will give Alibaba Group a maximum of approximately 26% interest in the share capital of Intime.

Intime, whose shares are listed on the Hong Kong Stock Exchange, is principally engaged in the operation and management of department stores and shopping malls in the PRC. Alibaba Group is a family of Internet-based businesses with a mission to make it easy for anyone to buy or sell anywhere in the world.

The Davis Polk team includes partner Paul Chow and associates Wilson Chan and Yang Chu. Members of the Davis Polk team are based in the Hong Kong and Beijing offices.


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