Dufry to enlist Alibaba as shareholder, signs China JV | Reuters

“China’s Alibaba plans to acquire a stake of up to 9.99% in Swiss duty free group Dufry, Dufry said on Monday, as it announced a new Chinese joint venture with the tech giant.

“Alibaba Group and Dufry AG (Dufry) have agreed to enter into a collaboration to jointly explore and invest in opportunities in China to develop the travel retail business and to enhance Dufry’s digital transformation,” Dufry said in a statement.

The Swiss firm has reeled under the hit of COVID-19 and plans to ask shareholders on Oct. 6 to fund a buyout of its Hudson Ltd unit via a new rights issue.”

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| Fortune Fountain Capital

Fortune Fountain Capital, through its affiliate, completed acquisition of 67% of the issued and outstanding shares in Antiquorum Management AG (AQM).  Established in Geneva in 1974, Antiquorum is the leading auction company focusing on luxury watches and  timepieces auction worldwide.

@ Fortune Fountain Capital | July, 2018