Alibaba bets on lottery firm AGTech

Ali Fortune takes 60% stake, as online sales ban poised to be lifted

Alibaba Group Holding Ltd and its financial affiliate are buying a controlling stake in Hong Kong-listed lottery operator AGTech Holdings Ltd, for HK$2.39 billion ($308 million).

Ali Fortune Investment Holding Ltd, which is 60 percent owned by Alibaba and 40 percent owned by its financial services arm Zhejiang Ant Small & Micro Financial Services Group Co, has agreed to buy HK$1.68 billion in shares and HK$712.6 million of convertible bonds in AGTech.