Slaughter and May has advised Alibaba on its Investment in Red Star Macalline

Slaughter and May, Hong Kong, has advised Alibaba Group Holding Limited on its investment, through its indirect wholly-owned subsidiaries and affiliates (together “Alibaba”), in Red Star Macalline Group Corporation Ltd. (Red Star Macalline). On 15 May 2019, it was announced that Alibaba had acquired approximately RMB4.36 billion (US$630.6 million) of exchangeable bonds issued by Red Star Macalline Holding Group Company, the controlling shareholder of Red Star Macalline, which are exchangeable into a 10% interest in Red Star Macalline. In addition, Alibaba also acquired 131,475,421 H shares (representing approximately 3.7% of the total share capital and 19.51% of H shares) on 10 May 2019.

Red Star Macalline is a leading furniture retail platform and shopping centre operator in China, and is dual-listed on Hong Kong Stock Exchange (1528.HK) and Shanghai Stock Exchange (601828.SH).

Alibaba’s businesses comprise core commerce, cloud computing, digital media and entertainment and innovation initiatives. Alibaba’s shares are listed on the New York Stock Exchange.

Benita Yu Senior Partner