Reported 3 days ago
Alibaba Group has agreed to sell its over 70% stake in Sun Art Retail to private equity firm DCP Capital for approximately $1.6 billion, as part of its strategy to refocus on online commerce and divest from non-core assets. This sale, which is significantly lower than Alibaba's previous investment in Sun Art, marks a continued retreat from physical retail amidst rising competition. The decision aligns with Alibaba's new focus under CEO Eddie Wu, prioritizing investments in technology, cloud services, and international expansion.
Source: YAHOO