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AGTech's management is undergoing a shake up following ecommerce giant Alibaba's acquisition of a majority stake in the company, with its current three executive directors to step down from their positions.

Ali Fortune Investment Holding, a company 60 per cent owned by Alibaba and 40 per cent by its financial services arm Amt Financial, agreed to acquire a majority stake in AGTech for HK$2.39bn (€280.0m) in March. This will see the supplier become Alibaba’s exclusive lottery platform.

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