Alibaba Group Holding Ltd. agreed to sell its shares in Sun Art Retail Group Ltd. to private equity firm DCP Capital, unloading another high-profile physical commerce asset to focus on its core online business.

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Alibaba Group (NYSE:BABA) will sell its majority stake in hypermarket chain Sun Art Retail Group (OTCPK:SURRY) (OTCPK:SURRF) to private equity firm DCP Capital for approximately $1.58 billion. This transaction involves the sale of a 78.

Alibaba, the Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology, announced selling its sha

Alibaba Group Holding agreed to sell its entire stake in Sun Art Retail Group, China's largest hypermarket operator, for HK$13.1 billion (US$1.7 billion), as the e-commerce giant scales back its bricks-and-mortar presence.

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.

Alibaba Group Holding Ltd has agreed to sell its shares in Sun Art Retail Group Ltd to private equity firm DCP Capital, unloading another high-profile physical commerce asset at a discount to focus on its core online business.

Alibaba stock was lower Thursday after it announced a $1.7 billion deal to sell Sun Art, a hypermarket operator in China.

Alibaba sells its 78.7% stake in Sun Art Retail for $1.6 billion, focusing on core e-commerce amid rising competition.