Alibaba stock was lower Thursday after it announced a $1.7 billion deal to sell Sun Art, a hypermarket operator in China.

Bloomberg highlighted that as competition intensified with Chinese companies like Pinduoduo (the parent company of Temu) and ByteDance (the parent company of TikTok), Alibaba was compelled to focus primarily on its core business as an e-commerce platform.

Alibaba (BABA) 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

Alibaba Group has agreed to sell its shares in Sun Art Retail in a $1.7 billion deal, the latest divestment as part of efforts to focus on its core e-commerce business.

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.

Alibaba Group Holding Limited has announced the sale of its shares in Sun Art for $1.6 billion (€1.5 billion).

ALIBABA Group Holding agreed to sell its shares in Sun Art Retail Group to private equity firm DCP Capital, unloading another high-profile physical commerce asset at a discount to focus on its core online business.

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Chinese e-commerce major Alibaba Group has agreed to divest its interest in the Sun Art Retail Group, a hypermarket operator, to Paragon Shine for K$12.29bn ($1.58bn). The buyer is an exempt company incorporated in the Cayman Islands with limited liability.

The deal between Alibaba and Chinese private-equity firm DCP Capital was reached on the last day of 2024, involving the disposal of the Hangzhou-based company’s interest in Sun Art at HK$1.75 per share,