Statement

The recent announcement by Alibaba Group about its agreement to sell 100% of the equity interest in Intime Department Store to a consortium of purchasers that includes Youngor Group has attracted widespread attention. In this regard, the Yintai Group (full name: China Yintai Holdings Co., Ltd.) issues the following statement:

1. The Yintai Group sold Intime Department Store to Alibaba Group in 2017. Intime Department Store is now a subsidiary of Alibaba Group and has no direct connection with the Yintai Group.

2. As a diversified enterprise, the Yintai Group has several secondary industrial groups including Yintai Commercial Group, Yintai Foundation Group, Yintai Land Group, and Yintai Investment Group, with its business covering multiple fields including commercial retail, commercial real estate operation and development, and equity investment. Yintai Commercial Group currently operates and manages three major product series, namely "in77," which are landmark high-end commercial complexes, "inPARK," which are landmark landscape commercial complexes, and "Yintai Cities," which are regional quality commercial lifestyle centres, under its commitment to provide high-quality consumer experience and business services. The Yintai Group has always been committed to promoting the sustainable development of its businesses and the progress of the industry through innovation and a diversified business layout.

We appreciate the attention given to the Yintai Group. 

China Yintai Holdings Co., Ltd.

December 17, 2024