Alibaba To Increase Stake In Sun Art Retail Group By 36.16%

Web titan Alibaba Group Holding Ltd announced that it would soon buy the aggregate direct and indirect Stake of 36.16 percent stake in China’s top hypermarket operator, Sun Art Retail Group Ltd and make the company's total stake HK$22.4 billion ($2.9 billion).

In a joint statement issued by Alibaba and Auchan Retail, who entered a strategic partnership along with Ruentex Group recently. The statement said that Alibaba would buy the stake from Ruentex while Auchan Retail was also incre..