Slaughter and May and Davis Polk & Wardwell have the lead roles on Chinese e-commerce giant Alibaba Group Holding Ltd.’s $692 million investment in Beijing-based department store operator Intime Retail (Group) Co. Ltd.

As part of the deal, Alibaba will subscribe to shares in Hong Kong-listed Intime worth $214 million as well as bonds worth $478 million, convertible to shares within three years. The transaction will grant Alibaba a maximum stake in Intime of 26.1 percent.

Intime operates over 30 shopping malls in various Chinese cities, mostly in the affluent Zhejiang province. According to regulatory filings, Alibaba and Intime are planning to jointly launch an online-to-offline, or O2O platform connecting physical stores with customers from social networking sites, online shopping sites or restaurant rating sites. Alibaba will own 80.1 percent of the venture, with Intime owning the remainder.

Alibaba’s latest purchase comes after the company spent $1.5 billion buying mapping firm AutoNavi Holdings Ltd., for the purpose of integrating location information into its O2O offering.

Slaughter and May Hong Kong partner Benita Yu is leading a team advising Alibaba with Fangda Partners acting as Chinese counsel.

Davis Polk Hong Kong partner Paul Chow is leading the team advising Intime.