Red Star Macalline announced in the evening that the company’s controlling shareholder, Hongxing Holdings, successfully issued exchangeable bonds and was fully subscribed by Alibaba for RMB 4.359 billion. After the exchange of debts, Ali will receive A shares of Red Star Macalline in the total share capital of about 10%. At the same time, Alibaba acquired a 3.7% stake in Red Star Macalline in Hong Kong stocks.
According to the announcement, as of the end of the first quarter of 2019, Red Star Macalline operated 81 self-operated shopping malls and 230 commissioned shopping malls, covering 199 cities in 29 provincial-level administrative regions. At the same time, 24 franchise stores were authorized to operate in franchise mode, with a total of 364 home shopping malls.