China’s eCommerce pioneer expects gross proceeds of up to HK$12.3bil from selling its more than 70% holding in the chain of Costco-like hypermart stores. — Bloomberg
BEIJING: Alibaba Group Holding Ltd has agreed to sell its shares in Sun Art Retail Group Ltd to private equity firm DCP Capital, unloading another high-profile physical commerce asset at a discount to focus on its core online business.
China’s eCommerce pioneer expects gross proceeds of up to HK$12.3bil from selling its more than 70% holding in the chain of Costco-like hypermart stores.
