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Struggling e-commerce giant Alibaba inks $1.7 bn deal to sell stake in Chinese hypermarket
FirstpostHangzhou-based Alibaba, a leading player in China’s vast e-commerce sector, has faced stiffer competition in recent years as its rivals surge and consumers look to cut costs Chinese e-commerce giant Alibaba Group has swiftly sold two businesses in a bid to keep up with rising competition. File image Alibaba Group has agreed to sell its majority stake in China’s largest hypermarket operator, Sun Art Retail, at a steep discount, as the tech giant shifts focus back to its core e-commerce business amid rising competition. Alibaba disclosed in a filing Wednesday evening that it will sell its 73.7 per cent stake in Sun Art to private equity firm DCP Capital at HK$1.75 per share. The Hangzhou-based company, a leading player in China’s vast e-commerce sector, has faced stiffer competition in recent years as its rivals surge and consumers look to cut costs.
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