Alibaba JK and Antfin will buy 2.27 billion HKD of shares from Alibaba Health

According to Sina Technology news, on May 23, 2019, Ali Health has announced that Alibaba’s subsidiary company Ali JK and Ant Financial's subsidiary company Antfin will purchase a total of approximately 303 million of shares from Ali Health. After deducting related expenses, the cost of the shares would cost 2.27 billion HKD and the net price per share would be around 7.5 HKD.

Ali Health said they intend to use these funds to pay off debts, funding for business operations and expansion, complete past investment commitments and future acquisitions.

Alibaba Health was established back in 2014 at Hongkong. Ali Health's business is focused on product traceability, medical e-commerce, medical service network and health management. They also provided online and offline integrated solutions for the health industry. This can improve the convenience of patients who are seeking medical treatment and purchasing medicines to satisfy consumers' pursuit of a healthy lifestyle.   

Alibaba Group Holding Limited is a Chinese multinational conglomerate holding company specializing in e-commerce, retail, Internet and technology. Founded 4 April 1999, the company provides consumer-to-consumer (C2C), business-to-consumer (B2C), and business-to-business (B2B) sales services via web portals, as well as electronic payment services, shopping search engines and cloud computing services.

Ant Financial Services Group, formerly known as Alipay, is an affiliate company of the Chinese Alibaba Group. Ant Financial is the highest valued TechFin company in the world, and the world's most valuable unicorn (start-up) company, with a valuation of US$150 billion.