Alibaba acquire Controlling Stake in Sun Art For $3.6 billion
HANGZHOU, China, 19th Oct 2020-- Alibaba Group acquired 72% stake in China-based leading hypermarket and supermarket operator Sun Art for USD3.6 billion.
This transaction demonstrates Alibaba’s new Retail strategy by further integrating online and offline resources in China’s retail sector.
Following the transaction, Alibaba will consolidate Sun Art in its financial statements. Additionally, Peter Huang has been appointed Chairman of Sun Art in addition to his current role as Chief Executive Officer.
Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group, said, “Alibaba’s strategic investment in Sun Art in 2017 was an important step in our New Retail strategy. The alliance we formed with Auchan Retail and Ruentex was instrumental in building a robust infrastructure to...