Alibaba Group said it has agreed to sell medical device and healthcare product categories from Tmall Pharmacy to its Hong Kong-listed healthcare affiliate in return for HK$10.6bn ($1.4bn) in newly issued shares in the latter company.
Upon completion of the deal, Alibaba Group will own a 56.2 per cent stake in Alibaba Health Information Technology, up from 48.1 per cent previously, and its voting interest will increase to 67.5 per cent from 56.2 per cent previously.
Daniel Zhang, chief executive officer of Alibaba Group said:
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