Spending HK$ billion to increase its shareholding ratio to approximately . At this point, Gao Xin Retail became a consolidated subsidiary of Alibaba.
Previously in October , Gao Xin Retail issued a public announcement to inform the market that there were buyers interested in acquiring the company.
On the evening of January , , Alibaba's equity sale transaction was finally finalized. It is worth noting that if no less than of the Offer Shares are acquired, the Offeror intends to privatize Gao Xin Retail and delist its listing status.
This sale is part of Alibaba's plan to lighten its load, gradually sell spain phone number list l off noncore assets and focus on its core business.
In the announcement, Alibaba said that the sale of Gao Xin Retail is a good opportunity for Alibaba Group to monetize its noncore assets. Alibaba will continue to focus on its core businesses and increase shareholder returns.
After the completion of the sale, Alibaba stated that it will no longer hold any equity in Gao Xin Retail and it will no longer be a subsidiary of Alibaba.
Alibaba intends to use the proceeds from the sale for business development, shareholder returns and general corporate purposes.
The market value once exceeded HK$ billion
According to information, Gao Xin Retail's main business is to operate offline physical stores and online sales channels, and sells products mainly fresh products, fastmoving consumer goods, textiles, electrical equipment and general commodities.