Alibaba sells hypermarket operator Sun Art for US$1.7 billion to refocus on e-commerce [Yahoo! Finance]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance
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. The deal between Alibaba and Chinese private-equity firm DCP Capital was reached on the last day of 2024, involving the disposal of the Hangzhou -based company's interest in Sun Art at HK$1.75 per share, according to a New Year's Day filing to the Hong Kong stock exchange. Alibaba is expected to book a 13-billion yuan (US$1.8 billion) loss attributable to its shareholders when sale is completed. Alibaba owns the South China Morning Post. This marks Alibaba's second major divestment of a bricks-and-mortar business. In December, the company sold its entire stake in department store chain Intime Retail (Group) to Chinese apparel company Youngor Fashion and members of Intime's management team, taking a 9.3 billion yuan loss in the deal The two deals reflect Alibaba's sharpened focus on its core e-commerce operations and cloud compu
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