Reported 10 months ago
During the holiday season, Alibaba Group has been offloading assets, including selling its majority stake in Sun Art Retail Group at a significant discount and the Intime Retail Group for a $1.3 billion loss. This comes after a period of regulatory scrutiny and reflects a strategic shift towards focusing on its core e-commerce and technology operations, as the company aims to raise capital while benefiting from revitalizing tech investments in China.
Source: YAHOO