Alibaba Acquires Controlling Stake in Sun Art
19.10.2020 03:05:00 EEST | Business Wire | Press release
Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, “Alibaba” or “Alibaba Group”) today announced it will invest approximately USD3.6 billion in respect of Sun Art Retail Group Limited (HKEX: 6808, “Sun Art”), a leading hypermarket and supermarket operator in China, that will raise its aggregate direct and indirect stake to approximately 72%1. This transaction demonstrates Alibaba’s continued commitment to Sun Art, and its New Retail strategy by further integrating online and offline resources in China’s retail sector.
As part of the transaction, Alibaba will acquire 70.94% of equity interest in A-RT Retail Holdings Limited (“A-RT”) from Auchan Retail International S.A. and its subsidiary (“Auchan Retail”) valued at approximately HKD28.0 billion (USD3.6 billion). A-RT holds approximately 51% of the equity interest in Sun Art. 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 create opportunities and value in China’s retail sector. Led by Chief Executive Officer Peter Huang, Sun Art has achieved impressive results in its digitalization, and pursued promising synergies with businesses across the Alibaba digital economy. As the COVID-19 pandemic is accelerating the digitalization of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience.”
In November 2017, Alibaba Group, Auchan Retail and Ruentex Group announced a strategic alliance to digitalize and introduce New Retail solutions at Sun Art stores, including omnichannel integration and a more personalized customer experience. Over the past three years, Sun Art has made significant progress in the digital transformation under a fast-changing market environment by leveraging resources and technology from the Alibaba ecosystem, to capitalize on the growth opportunities in China’s hypermarket and supermarket space.
Today, all Sun Art physical stores in China have been integrated into Alibaba’s Taoxianda and Tmall Supermarket platforms, providing one-hour and half-day on-demand delivery through deep collaboration with other key businesses across the Alibaba ecosystem, including Ele.me and Cainiao, offering consumers greater product selection and access. As of June 30, 2020, Sun Art operates 481 hypermarkets and 3 mid-size supermarkets in China, with a focus on strengthening its position through small and offline community stores.
About Alibaba Group
Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba and that it will be a good company that lasts for 102 years.
1Including the stake held by Alibaba Group and its related party.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201018005074/en/
Contact information
Ivy Ke
Alibaba Group
+852 5590 9949
Ivy.ke@alibaba-inc.com
Cathy Yan
Alibaba Group
+852 9012 5806
cathy.yan@alibaba-inc.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
New Industry Study Finds Quantum Computing Has Entered a Capability Era, With Early Movers Building an Advantage Later Entrants Will Struggle to Close18.6.2026 10:00:00 EEST | Press release
Quantum computing has moved past the question of whether organizations can access a quantum system and onto whether they can build something useful around one. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260618639340/en/ State of Quantum 2026 is based on independently conducted research and analysis, authored by The Quantum Insider (Resonance), published by IQM Quantum Computers, and supported by OpenOcean. According to the State of Quantum 2026, the fourth annual industry study published today by IQM Quantum Computers, which is nearing its planned listing on the Nasdaq Global Select Market through its merger with Real Asset Acquisition Corp. (Nasdaq: RAAQ), with research and analysis independently conducted by The Quantum Insider, a Resonance company — enterprise engagement is now nearly universal but production use remains rare: 89% of respondents report hands-on quantum work, while only 10% report limited production us
Climate Clock Public Art Trail Opens Across Oulu18.6.2026 09:45:00 EEST | Press release
The permanent Climate Clock art trail brings together seven internationally recognised artists in site-specific works across forests, rivers, coastlines, urban environments and cultural heritage sites. The works reflect on climate change and different perceptions of time through sculpture, ceramics, natural materials, sound and kinetic forms. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260617018262/en/ Antti Laitinen – You Are Here (2026), Maija Laitinen/Oulu2026 Already attracting international attention, Climate Clock offers a new public art experience connecting art, science and the northern landscape across the region. The trail opened to the public on 13 June 2026 across six locations: Yli-Ii, Oulu city centre, Ylikiiminki, Oulunsalo, Kiiminki and Kello. Opening events brought together artists, local communities and visitors, activating the works across the region. Curated by Alice Sharp (Invisible Dust, UK) and prod
JTB to Acquire Asian DMC Leader EXO Travel for Accelerated Global Growth18.6.2026 05:00:00 EEST | Press release
JTB Corp. today announced that it has reached an agreement to acquire all the shares of All Wise Holdings Pte. Ltd., the operator of Bangkok-based EXO Travel Group, a leading Destination Management Companies (DMCs) in Asia. The acquisition will be made through a JTB group company in the Asia-Pacific region. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260615106801/en/ EXO Travel operates in the B2B market, primarily across Asia Pacific. For over 30 years, it has consistently maintained high customer satisfaction based on trust, achievements and high-quality service. The company has a strong brand presence in the affluent markets of Europe, North America and Australia, where the trust of partner companies contributes significantly to its value. Additionally, EXO Travel leverages its extensive network of destinations in Asia Pacific to develop strong products and adapt flexibly to changing customer needs. EXO Travel's unique
LabGenius Therapeutics and LG Chem Enter a Research Collaboration, Option and License Agreement to Develop an AI/ML-Designed Tumour-Targeting Antibody18.6.2026 02:01:00 EEST | Press release
LabGenius Therapeutics (“LabGenius”), a drug discovery company combining machine learning (ML) and high-throughput experimentation to optimise therapeutic antibodies, today announced a multi-year research collaboration, option and licensing agreement with LG Chem. The collaboration aims to identify next-generation multispecific antibodies designed to overcome the key limitations of existing immunotherapies, including on-target, off-tumour toxicities. Together, the companies will aim to develop a novel, tumour-selective therapeutic targeting a solid tumour antigen expressed across multiple difficult-to-treat cancer types. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260615992992/en/ “Partnering with LG Chem represents a very important moment for LabGenius and provides further validation of our platform’s ability to design highly optimised multispecific antibodies,”said Dr. James Field, CEO of LabGenius. “We welcome this opp
Joe Vernachio Named President of SOREL18.6.2026 01:00:00 EEST | Press release
Columbia Sportswear Company (Nasdaq: COLM), a leading innovator in active outdoor apparel, footwear, accessories and equipment, today announced that Joe Vernachio will be the next President of SOREL. Founded in 1962, SOREL is a leader in functional and lifestyle footwear that can be worn anywhere from the tundra to the streets of New York City. “We’re excited to welcome Joe Vernachio back to the Columbia Sportswear family,” said Tim Boyle, CEO and Chair of the Board. “Joe is a terrific leader who can build on the great work, talent and momentum in place at SOREL.” Mr. Vernachio led the Mountain Hardwear brand for several years, until he left to become the COO and ultimately, the CEO of Allbirds. His background also includes time as Global Vice President for Product and Operations at The North Face, and key roles at Nike, Spyder, Roots, Calvin Klein and Patagonia. “Joe is a consumer‑focused, collaborative leader with a deep passion for product and brand storytelling. His energy, experti
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom