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Alibaba sells $1.7b Sun Art stake, refocus on ecommerce
Alibaba Group Holding has sold its entire stake in Sun Art Retail Group, China’s largest hypermarket operator, to DCP Capital for HK$13.1 billion (US$1.7 billion).
The transaction, finalized on Tuesday, and announced in a filing to the Hong Kong stock exchange on Wednesday.
The sale price was set at HK$1.75 (US$0.23) per share.
This is expected to lead to a loss of 13 billion yuan (US$1.8 billion) for Alibaba’s shareholders.
The divestments align with Alibaba’s strategy to focus on its core ecommerce and cloud computing businesses, led by CEO Eddie Wu Yongming.
Recent Alibaba developments
| Timeline |
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01-Jan-2025 🛒 Alibaba’s Freshippo reports nine months of profit in a row
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01-Jan-2025 📉 Alibaba Cloud cuts the price of AI models by 85%
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27-Dec-2024 🤝 Alibaba, South Korea’s E-Mart form $4b joint ecommerce deal
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26-Dec-2024 🤝 Alibaba, South Korea’s Shinsegae to form joint venture in 2025
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| 26-Dec-2024 🛍️ Alibaba said to merge South Korea’s E-Mart in $4b deal |
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