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.

China’s e-commerce pioneer expects gross proceeds of up to HK$12.3 billion (US$1.6 billion or $2.15 billion) from selling its more than 70% holding in the chain of Costco-like hypermart stores.

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.

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 has agreed to sell its shares in Sun Art Retail in a $1.7 billion deal, the latest divestment as part of efforts to focus on its core e-commerce 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.

Chinese e-commerce major Alibaba Group has agreed to divest its interest in the Sun Art Retail Group, a hypermarket operator, to Paragon Shine for K$12.29bn ($1.58bn). The buyer is an exempt company incorporated in the Cayman Islands with limited liability.