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 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.

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

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.

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The deal between Alibaba and Chinese private-equity firm DCP Capital was reached on the last day of 2024, involving the disposal of the Hangzhou-based company’s interest in Sun Art at HK$1.75 per share,