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Alibaba Health is the flagship healthcare platform of Alibaba Group Holding. Through two direct online stores, it sells prescription and over-the-counter medications, health supplements and skincare products to customers, who can also access its online consultation service. The company was formerly known as Citic 21CN, a drug data services company. In 2014, Alibaba and a Chinese private equity firm co-founded by Alibaba founder Jack Ma bought a controlling stake in Citic 21CN and changed its name. Alibaba also owns the South China Morning Post.
Chinese healthcare stocks plunged in Hong Kong after Chinese media reported that Beijing is mulling a ban on sales of medicines on third-party e-commerce platforms.
Stocks gained for a second day, as bargain-hunting for technology companies continued and a retreat in oil prices eased inflation pressure.
Local stocks capped a three-day winning run as investors found deep values among Big Tech trading near an all-time low. China Life Insurance and developer Modern Land tumbled on internal crises. HSBC also gained.
Stocks declined as the current earnings season offered little sparks, with Alibaba Health warning of impending losses. Modern Land reneged on a dollar bond repayment.
The Hang Seng Index will add in three more stocks, potentially paving the way for a further expansion to 80 from 55, brokers say.
Alibaba Health recorded first-half earnings of US$42.4 million, its first profitable report since 2015, with Covid-19 fuelling awareness and demand for its goods and services.
Alibaba Group’s flagship health care platform completes US$1.3 billion new share sale, marking biggest ever health care follow-on offering in Hong Kong.
Alibaba Group’s flagship health care platform will sell 400 million new shares priced between HK$20.05-HS$20.50 each to raise up to the equivalent of US$1.06 billion, according to deal’s term sheet.
Alibaba Health said on Wednesday it would strengthen partnerships with upstream pharmaceutical companies to further expand its direct online drug sales, after reporting a narrower net loss for the full year of 2019, thanks to wider adoption of online drug purchases during the coronavirus pandemic.
Using the Alipay app, overseas Chinese can get in touch with doctors in mainland China for free health care consultations