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Alibaba to Sell Sun Art Retail to DCP Cap for $1.6 Billion
Mint Bangalore
|January 02, 2025
Alibaba Group Holding Ltd agreed to sell its shares in Sun Art Retail Group Ltd to private equity firm DCP Capital, unloading another high-profile physical commerce asset to focus on its core online business.
China's e-commerce pioneer said it could receive gross proceeds of up to HK$12.3 billion ($1.6 billion) from selling its more than 70% holding in the chain of Costco-like hypermart stores. That's significantly less than the $3.6 billion Alibaba paid just to double its stake in Sun Art in 2020. Sun Art is today worth around $3 billion overall, despite growing its market value more than 80
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