A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song
HONG KONG: Hong Kong's securities regulator said that Chinese e-commerce giant Alibaba Group Holding Ltd breached takeover rules in the purchase of a healthcare firm in 2014 because it also bought a company owned by the brother of the healthcare firm's vice chairman on "favourable terms."
Alibaba agreed to buy a stake in CITIC 21CN, now known as Alibaba Health Information Technology Ltd, for US$170mil (RM695.13mil) two years ago.
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