The 79% stake being sold is held by Alibaba subsidiaries, according to a filing with the Hong Kong Stock Exchange. According to Bloomberg, the $1.6 billion will mark a $1.8 billion loss from when Alibaba doubled its stake in Sun Art for over $3 billion in 2020, a deal in which it was also legally represented by Fangda and Slaughter and May.

Alibaba, the Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology, announced selling its sha

ADR shares of Alibaba Group Holding ($BABA) rose 0.78% Tuesday after the Chinese retail giant said it was selling its 78.7% stake in Chinese hypermarket operator Sun Art Retail for $1.7 billion. The move is part of the company’s strategy to reduce its physical retail footprint and focus on e-commerce business,

Alibaba Group Holding Ltd. has agreed to sell its more than 70% stake in Sun Art Retail Group Ltd. to private equity firm DCP Capital for up to HK$12.3 billion (S$2.16 billion) to focus on its core online business.

Alibaba Group Holding agreed to sell its entire stake in Sun Art Retail Group, China's largest hypermarket operator, for HK$13.1 billion (US$1.7 billion), as the e-commerce giant scales back its bricks-and-mortar presence.

Alibaba Group Holding Ltd has agreed to sell its shares in Sun Art Retail Group Ltd to private equity firm DCP Capital, unloading another high-profile physical commerce asset at a discount to focus on its core online business.

Chinese e-commerce giant Alibaba announced plans to sell its 78.7% stake in hypermarket chain Sun Art Retail Group.

China's Alibaba Group Holding Ltd said on Wednesday it had agreed to sell its majority stake in hypermarket chain Sun Art Retail Group to Chinese private equity firm DCP Capital for HK$12.298 billion ($1.

Alibaba Group Holding Ltd. agreed to sell its shares in Sun Art Retail Group Ltd. to private equity firm DCP Capital, unloading another high-profile physical commerce asset to focus on its core online business.

Alibaba sells its 78.7% stake in Sun Art Retail for $1.6 billion, focusing on core e-commerce amid rising competition.

Alibaba Group (NYSE:BABA) will sell its majority stake in hypermarket chain Sun Art Retail Group (OTCPK:SURRY) (OTCPK:SURRF) to private equity firm DCP Capital for approximately $1.58 billion. This transaction involves the sale of a 78.