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Alibaba, Yunfeng back CITIC 21CN with $170m investment

24 Jan 2014

china beijing_sqChinese e-commerce company Alibaba Group and private equity firm Yunfeng Capital have agreed to acquire a controlling interest in pharmaceutical information business CITIC 21CN.

Alibaba and Yunfeng, which is led by Alibaba chairman Ma Yun, will pay $170m for a 54.3 per cent stake in the company.

Alibaba said the deal was “the foundation for a strategic partnership aiming at jointly driving development of a pharmaceutical-product information platform.”

The group will own a 38.1 per cent interest in the company and Yunfeng will hold a 16.2 per cent stake

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