Reported 4 days ago
Alibaba Group has agreed to sell its entire stake in Sun Art Retail Group, China's top hypermarket operator, for HK$13.1 billion (US$1.7 billion) to refocus on e-commerce. This divestment is part of Alibaba's strategy to reduce its physical retail presence and emphasizes a stronger commitment to its core online business and cloud computing under CEO Eddie Wu. The sale reflects significant losses for Alibaba, including a reported 13-billion yuan (US$1.8 billion) loss when completed, as it moves to streamline its operational focus amidst intense competition and economic challenges.
Source: YAHOO