Alibaba Health shares set to open up 77 pct on online pharmacy business merger
BEIJING, April 15 (Reuters) - Alibaba Health Information Technology Ltd shares were set to open up 77 percent in Hong Kong on Wednesday, after Alibaba Group Holding Ltd said it would inject its online pharmacy business into the healthcare unit.
Alibaba Group's effective equity ownership of Alibaba Health will increase from 38 percent to about 53 percent, making it a consolidated subsidiary of the group, China's biggest e-commerce company said.
The transaction of Tmall online pharmacy is expected to complete in the third quarter of 2015, Alibaba Group said.
(Reporting by Adam Jourdan and Paul Carsten; Editing by Stephen Coates)
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