, China
116 views
Shutterstock photo

Alibaba sells majority stake in Sun Art for $1.58b

The stake was intended to integrate Alibaba’s digital capabilities with Sun Art’s hypermarkets.

Alibaba Group has announced that it is selling its 78.7% stake in Chinese hypermarket chain Sun Art Retail Group to private equity firm DCP Capital for $1.58b (HK$12.298b), Reuters reported.

The stake, acquired in 2020 for $3.6b, was intended to integrate Alibaba’s digital capabilities with Sun Art’s hypermarkets. The sale follows an 85% surge in Sun Art’s share price over the past year, far outpacing the Hang Seng Index’s 20% rise, the report added.

Alibaba is also offloading its Chinese department store unit, Intime Retail, despite expected losses.

Follow the link for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Dear Me Beauty eyes flagship store
The branch could serve as the foundation for broader market growth.
Erajaya Digital opens its biggest electronics store
The branch is its 80th concept store out of about a thousand branches nationwide.
Singaporeans push Q-commerce beyond meals
They want everything delivered quickly, from flowers to last-minute birthday presents.