Alibaba sells Sun Art stake to double down on digital future
Alibaba has divested its entire stake in hypermarket operator Sun Art (Sun Art Retail Group) for HK$12.298 billion ($1.58 billion), shifting its focus fully onto e-commerce as competition intensifies. Alibaba subsidiaries sold the 78.7 per cent stake to Chinese private-equity company DCP Capital for HK$1.75 per share, which was below the market price of HK$2.48. […]
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