Alibaba has agreed to sell its entire stake in China’s largest hypermarket operator at a steep discount, as it sharpens its focus on core ecommerce operations amid intensifying competition.
The Chinese tech group will sell its 73.7 per cent stake in Sun Art Retail to private equity firm DCP Capital at HK$1.75 per share, the company disclosed in a filing on Wednesday evening, after the shares had closed the day at $2.48.
The sale is expected to raise gross proceeds of up to $1.7bn, but will mean a loss of Rmb13.2bn ($1.8bn) for Alibaba shareholders when the deal is completed, it added.
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