Alibaba sells majority stake in Sun Art Retail for $1.6 billion, focusing on e-commerce under new CEO.

Alibaba has agreed to sell its majority stake in Sun Art Retail, a large hypermarket chain in China, to private equity firm DCP Capital for about $1.6 billion. This sale marks Alibaba's strategic shift towards focusing on its core e-commerce business under new CEO Eddie Wu. The transaction reflects Alibaba's decision to divest non-core assets and refocus on digital and online marketplaces.

January 01, 2025
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