Alibaba Group Holding Ltd said the board members had the greenlit the plan to inject some of its online pharmacy business into a listed unit in a deal valued at 10.6 billion HK dollars.

Alibaba Health Information Technology Ltd will buy Ali JK Nutritional Products Holding Limited, which controls sales of medical devices, healthcare products, adult products and healthcare services on Alibaba’s Tmall platform.

The deal will see parent Alibaba receive newly issued shares in Ali Health, taking its economic interest in the firm to 56.2 percent from 48.1 percent currently. Alibaba will also have a 67.5 percent voting interest in Ali Health after the deal.

The deal should support business for Ali Health amid a broader push into a fast-growing healthcare technology market by other firms in China, such as Tencent Holdings-backed WeDoctor and recently listed Ping An Healthcare. （Source: easymoney.com）

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