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Doris Yu · · 1 min readAlibaba takes control of China’s hypermarket chain Sun Art for $3.6b
Alibaba will invest US$3.6 billion to boost its stake in Sun Art Retail to 72%.
The hypermarket chain has a total of 484 outlets across China as of June. It previously received HK$22.4 billion (US$2.9 billion) from Alibaba for a 36% stake in 2017.
“As the Covid-19 pandemic is accelerating the digitalization of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our new retail vision and serve more consumers with a fully integrated experience,” said Alibaba chairman and CEO Daniel Zhang.
The Chinese tech giant said it has integrated all of Sun Art’s physical stores into its platform. Through this, it will provide on-demand delivery with the help of other Alibaba businesses, such as online food delivery platform Ele.me and logistics subsidiary Cainiao.
Currency converted from Hong Kong dollar to US dollar: US$1 = HK$7.75
Editing by Collin Furtado and Jaclyn Teng
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