Mainland Chinese media reports that Alibaba (09988.HK) intends to sell its shares in Intime Retail to the leading company in the textile and Outfits Industry, Youngor Group (600177.SH). According to sources familiar with the matter, both parties plan to hold a press conference to announce the related Trade.

As early as February this year, there were reports that Alibaba had been in contact with several companies to assess their interest in acquiring Intime.

Alibaba invested in the Hong Kong-listed Intime in 2014 and, in 2017, along with Intime's founder Shen Guojun, privatized Intime for approximately 19.8 billion yuan.