China’s Lianhua Supermarket Holdings on Monday said shareholder Shanghai Yiguo E-Commerce would sell an 18% stake in supermarket chain operator to a unit of Alibaba Group. Lianhua said Shanghai Yiguo would transfer 201.53 million domestic shares to Alibaba (China) Technology Co Ltd. It did not provide a value. Based on Lianhua’s stock price as of Monday afternoon trade, the deal could be worth HK$782 million ($100.33 million), Reuters calculations showed. Shanghai Yiguo also agreed to sell 22.39 million shares, or about 2% of Lianhua, to Bailian Group, Lianhua said in a filing to the Hong Kong bourse. In February, Alibaba formed a strategic partnership with Bailian Group, the largest retailer by store numbers to join the e-commerce giant’s drive to use big data to improve and profit from brick-and-mortar sales.
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