Alibaba has agreed to sell its entire stake in Sun Art Retail Group to Chinese private-equity firm DCP Capital for US$1.7 billion. The sale marks a strategic move by the company to refocus on its core e-commerce business and monetize non-core assets.
As part of the deal, Alibaba is expected to book a loss of approximately US$1.8 billion when the transaction is completed. The sale also highlights the company’s efforts to restructure and concentrate resources on its primary business areas.
The decision to sell Sun Art allows Alibaba to “monetise its non-core assets” and allocate funds towards the development of its core businesses, according to the company’s statement. This strategic move aims to enhance Alibaba’s overall performance and competitiveness in the market.
Source: https://www.scmp.com/tech/big-tech/article/3293065