Alibaba has agreed to sell its stake in Sun Art Retail to private equity firm DCP for about $1.6B, after paying roughly $3.6B in 2020 to double the stake to over 70%, as it focuses on its core online business, the company said in a statement. “Immediately after the SPA Completion, the Purchaser will be interested in 7,507,666,581 Sun Art Shares, representing approximately 78.70% of the total number of Sun Art Shares in issue,” Alibaba said. The company added that “the Disposal is considered to be a good opportunity for Alibaba Group to monetize its non-core assets and to utilize such proceeds to better focus on the development of its core businesses and enhance its shareholder return. Alibaba Group remains confident in the prospect of China’s consumer market. Going forward, our Company will continue to enhance consumer experience through technological innovation, and foster high-quality growth across the industry.”
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