Chinese Internet giant Alibaba Group today announced that it planned to invest approximately US$692mn in Intime Retail (HK: 1833), one of China’s leading department store operators. The two companies have agreed to cooperate in developing online to offline (O2O) opportunities.

Subject to customary closing conditions, Alibaba’s investment in Intime will comprise of approximately US$214mn for a 9.9% equity interest in Intime and an approximate US$478mn subscription of convertible bonds issued by Intime, which if converted would give Alibaba no less than a 25% equity interest in Intime.

In connection with this strategic investment, the two companies will explore opportunities to combine the strengths of Alibaba’s Internet commerce technology and platforms with Intime’s physical retail presence in high-end department stores and shopping malls as well as its retail website Yintai.com.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.