Alibaba Group has announced that it is selling its 78.7% stake in Chinese hypermarket chain Sun Art Retail Group to private equity firm DCP Capital for $1.58b (HK$12.298b), Reuters reported.

Shares of Sun Art Retail Group fell sharply after Alibaba Group said it would unload the Chinese hypermarket operator, less than five years after its acquisition of a controlling stake.

ADR shares of Alibaba Group Holding ($BABA) rose 0.78% Tuesday after the Chinese retail giant said it was selling its 78.7% stake in Chinese hypermarket operator Sun ...

Alibaba sold its 73.66% stake in Sun Art to DCP Capital for US$1.6bn, reflecting a shift away from its New Retail strategy. The sale is positive as Sun Art faces a competitive offline retail ...

Sun Art Retail Group (HK:6808) has released an update. Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks Make smarter investments with ...

Alibaba will incur about $3 billion of losses from the disposal of non-core retail assets including Sun Art, we calculate. The sale of the grocer at a 0.6x price-to-net asset valuation trails ...