Alibaba-backed Baozun falls on deal to buy Gap's Greater China units

Baozun

09/11/2022 03:54

** Hong Kong shares of Alibaba-backed brand e-commerce
solutions service provider Baozun Inc  9991.HK  fall 3.8% to
HK$10.58, and on course for their third straight session of
losses
    ** U.S. apparel retailer Gap Inc  GPS.N  has agreed to sell
its Greater China businesses to Baozun  BZUN.O , the Chinese
e-commerce service provider said, as headwinds persists for
global consumer brands in the world's second-largest economy
 urn:newsml:reuters.com:*:nL4N324124
    ** Shanghai-based Baozun said its unit would acquire Gap
Shanghai Commercial and Gap Taiwan Ltd, which operate the whole
business of Gap Greater China, with a primary deal size of $40
mln and no more than $50 mln for adjustment
    ** Hong Kong shares of Alibaba  9988.HK  fall 1.8% 
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
2.3% and the Hang Seng Tech Index  .HSTECH  loses 1.9%
    ** The Hang Seng Composite Index  .HSCI  slips 1.2% and the
benchmark Hang Seng Index  .HSI  eases 1.4%
    ** As of last close, Baozun's Hong Kong-listed stock lost
67.7% this year
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))