Alibaba Group will spend $3.6 billion to take control of Chinese supermarket giant Sun Art – TechCrunch


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October 19, 2020 Alibaba Group said today it will spend about $3.6 billion to take a controlling stake in Sun Art, one of China’s largest big-box and supermarket chains. After the transaction is complete, Alibaba Group will own 72% of Sun Art. As in other countries, COVID-19 lockdowns increased demand for online food orders in China, drawing in shoppers who had still preferred to buy groceries in person. Even though lockdowns have lifted, many have continued to purchase online . Alibaba’s new investment in Sun Art will be made by acquiring 70.94% of equity interest in A-RT Retail Holdings from...