Giant e-commerce site where millions shop is up for sale! The price has been revealed!

According to a report by the Alibaba-owned newspaper South China Morning Post, the company has reached an agreement to transfer its shares in Sun Art to the Chinese investment firm DCP Capital for 1.7 billion dollars.

FIRST INVESTED IN 2017

Alibaba, which first began investing in the supermarket chain Sun Art in 2017, increased its stake over the years before purchasing it from the Mulliez family, the company's owners, for 3.6 billion dollars in 2020. The decision to acquire Sun Art was made as part of the group's strategy at the time to integrate its online and retail shopping channels.

In the last few years, Alibaba has been undergoing a restructuring process with a strategy to focus on its core technology-related business lines, opting to divest assets outside of the e-commerce and technology sectors.

ANNOUNCED RESTRUCTURING PLAN IN 2023

In March 2023, Alibaba announced a restructuring plan in which the company would be divided into 6 business groups that would operate independently from the parent holding company.

It was planned that the company's flagship e-commerce platforms Taobao-Tmall, cloud computing services provider Cloud Intelligence, logistics services provider Cainiao Smart Logistics, Global Digital Business operating in digital business solutions, local technology services provider Local Services, and the Digital Media and Entertainment groups, which cover media and entertainment sector ventures, would operate as independently managed companies.

It was stated that the new restructuring aimed for each business group to have an independent presence in the market, chart its own path regarding competition, and create its own financing sources, including initial public offerings.

News Source: AA