Alibaba to buy big chunk of China's top grocer
Updated:7 years, 11 months ago
Hong Kong (China), Nov 20 (ANI): Chinese online retail giant Alibaba is all set to spend nearly 3 billion dollars on a major stake in Sun Art. For Alibaba eccentric celebrity CEO Jack Ma, it is one of the largest investments of its kind. Sun Art is a household name in China with more than 8% market share and is clearly profitable. Some analysts have warned that Ma needs to tread carefully. Alibaba is buying its stake in the business for a 24% discount which is a sign that the writing is indeed on the wall for the offline shopping model.
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