A little-known unit of Alibaba Group Holding Ltd. is making the most of a sudden melt up in its shares to raise a whopping $1.4 billion. Alibaba Health Information Technology Ltd. said Tuesday it will sell new shares to help fund the purchase of some health-related assets from its parent company, the Chinese retail giant Alibaba. While the issue price — at HK$5.80 per share — is technically a good deal compared to Monday’s close at HK$6.77 in Hong Kong, it follows a mysterious 52 percent rally in the stock since May 16. …read more
Source:: Yahoo Finance
