China’s Alibaba to offload Sun Art stake to DCP for $1.6 billion | Company Business News

May Be Interested In:Donaldson flies for epic game winner


China’s Alibaba Group Holding Ltd said on Wednesday it had agreed to sell its majority stake in hypermarket chain Sun Art Retail Group to Chinese private equity firm DCP Capital for HK$12.298 billion ($1.58 billion).

The 78.7 per cent share represents holdings held by Alibaba subsidiaries, according to a filing to the Hong Kong Stock Exchange.

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

The disposal of the stake comes after an 85 per cent jump in Sun Art’s shares in Hong Kong in the past year, which easily beat an around 20 per cent rise in the main Hang Seng Index.

The e-commerce giant is also selling its Chinese department store unit Intime even if it books a loss from the deal.

The stake sales are part of Alibaba’s reshuffling of its business portfolio to focus on its core e-commerce operations.

share Share facebook pinterest whatsapp x print

Similar Content

Deputy Prime Minister and Minister of Finance Chrystia Freeland responds to a question during a news conference, Monday, September 16, 2024 in Ottawa.  THE CANADIAN PRESS/Adrian Wyld
Netanyahu testimony postponed due to ‘rare circumstances’
Sony is now FromSoftware owner Kadokawa's largest shareholder
Sony is now FromSoftware owner Kadokawa’s largest shareholder
Canadian Prime Minister Justin Trudeau resigns as party leader
Canadian Prime Minister Justin Trudeau resigns as party leader
Saskatchewan Premier Scott Moe calls for federal election  | Globalnews.ca
Saskatchewan Premier Scott Moe calls for federal election | Globalnews.ca
How to turn off active status on Instagram
How to turn off active status on Instagram
Great Nicobar Project: India's Hong Kong-like port may wipe out ancient tribe
Great Nicobar Project: India’s Hong Kong-like port may wipe out ancient tribe
World Alert: News that Changes the Game | © 2025 | Daily News