China’s e-commerce giant Alibaba Group is selling its majority stake in Sun Art Retail Group for up to $1.6 billion, significantly less than the $3.6 billion it paid just two years ago. The deal marks a departure from Alibaba’s focus on physical commerce and allows the company to concentrate on its core online business. This move comes after China’s e-commerce pioneer experiences declining shares in Hong Kong, indicating a substantial loss for the firm.
Source: https://www.bloomberg.com/news/articles/2025-01-01/alibaba-to-sell-sun-art-to-buyout-firm-dcp-for-1-6-billion