Alibaba is spending $3.6bn to buy a controlling stake in one of China’s top supermarket operators as it doubles down on grocery delivery, a key growth engine for the ecommerce group during the pandemic.
The investment in Sun Art Retail Group will raise Alibaba’s 36.2 per cent stake to 72 per cent. Alibaba also will make a general cash offer of as much as HK$17bn (US$2.2bn) to the grocery chain’s other shareholders.
Shares in Hong Kong-listed Sun Art surged 19 per cent on Monday while Alibaba climbed 1 per cent in Hong Kong.
您已阅读17%（527字），剩余83%（2586字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。