BEIJING (Reuters) – China Alibaba (NYSE:) Group Holding Ltd stated on Wednesday it has agreed to promote its majority stake in hypermarket chain Solar Artwork Retail Group (OTC:) to Chinese language non-public fairness agency DCP Capital for HK$12.298 billion ( $1.58 billion).
The 78.7% share represents stakes held by Alibaba subsidiaries, in keeping with a submitting with the Hong Kong Inventory Change.
Alibaba paid $3.6 billion for a majority stake in Solar Artwork in 2020 in hopes of additional leveraging its digital presence to assist Solar Artwork’s a whole bunch of hypermarkets in China.
The stake sale comes after an 85% rise in Solar Artwork’s Hong Kong shares over the previous yr, which simply beat a roughly 20% rise in the principle inventory.
The e-commerce large can be promoting its Chinese language division retailer unit Intime, though it’s reporting a loss on the deal.
The stake gross sales are a part of Alibaba’s overhaul of its enterprise portfolio to give attention to its core e-commerce operations.
($1 = 7.7677 Hong Kong {dollars})
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