Davis Polk is advising Intime Retail (Group) Company Limited (“Intime”) on its HK$19.79 billion (approximately US$2.55 billion) proposed privatization by Alibaba Investment Limited and Intime International Holdings Limited as the joint offerors by way of a scheme of arrangement. The scheme is subject to, among other things, Cayman court sanction and independent shareholders’ approval of Intime.
Intime, whose shares are listed on the Hong Kong Stock Exchange, is principally engaged in the business of operation and management of department stores and shopping malls in the PRC. Alibaba Investment Limited is a directly wholly owned subsidiary and the principal holding company for the strategic investments of Alibaba Group Holding Limited (“Alibaba Group”). Alibaba Group is a family of Internet-based businesses with a mission to make it easy for anyone to buy or sell anywhere in the world and its American depositary shares are listed on the New York Stock Exchange. Intime International Holdings Limited is wholly owned by Mr. Shen Guojun, the founder and the second largest shareholder of Intime.
The Davis Polk corporate team includes partner Paul Chow and associates Yang Chu and Kai Sun. All members of the Davis Polk team are based in the Hong Kong office.