Alibaba Sells Sun Art for $1.7 Billion to Shift Focus Back to E-Commerce - PRESS AI WORLD
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Alibaba Sells Sun Art for $1.7 Billion to Shift Focus Back to E-Commerce

share-iconThursday, January 02 comment-icon2 weeks ago 4 views
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Alibaba Sells Sun Art for $1.7 Billion to Shift Focus Back to E-Commerce

Credited from: SCMP

  • Alibaba Group Holding announced the sale of its full stake in Sun Art Retail Group for HK$13.1 billion (approximately US$1.7 billion).
  • The divestment aims to reduce its brick-and-mortar presence and refocus on e-commerce and cloud computing.
  • Alibaba anticipates a loss of 13 billion yuan (about US$1.8 billion) related to this transaction.
  • This marks Alibaba’s second major sale of a physical retail operation, having previously sold Intime Retail in December 2024.
  • The move follows increasing competition in e-commerce and aims to streamline Alibaba's operations under CEO Eddie Wu Yongming.

For more details, visit the original article here.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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