Alibaba sells $1.6B worth of shares in Sun Art

Alibaba sells $1.6B worth of shares in Sun Art

ALBAWABA – Alibaba, the Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology, announced selling its shares in Sun Art, a leading retailer with hypermarket and omni-channel e-commerce businesses in China, for approximately $1...

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Alibaba Selling RT-Mart Operator Sun Art to DCP Capital for $1.6B - Mingtiandi

The new year finds Alibaba Group continuing its retreat from brick-and-mortar retail, with the e-commerce giant on Wednesday announcing plans to sell its controlling stake in Chinese hypermarket operator Sun Art for HK$12.3 billion ($1.6 billion). The buyer of the... Read More>> The post Alibaba Selling Hypermarket Operator Sun Art to DCP Capital for $1.6B appeared first on Mingtiandi.

Alibaba paid $3.6 billion for a controlling stake in Sun Art in 2020 in hopes of further leveraging its digital presence to support Sun Art's hundreds of hypermarkets in China.

Alibaba is now seeking to focus on its core e-commerce and cloud computing activities, also seeking to expand its international presence.

In a statement sent to the Hong Kong Stock Exchange, where it is listed, Alibaba specified that it will sell its 73.66% stake in Sun Art to the Chinese fund DCP, for about 11.383 billion yuan (1.504 billion euros). This amount is significantly lower than the 3.6 billion dollars (almost 3.5 billion euros) that the group paid in 2020 to take control of Sun Art, in an attempt to stand out against strong competition in the Chinese retail sector, by …