Alibaba pays $3.6 bn to take over China hypermarket giant SunArt

Alibaba has taken control of SunArt which runs hundreds of hypermarkets in China as it expands its grip on the mainland retail sector More China’s e-commerce behemoth Alibaba has bought a controlling $3.6 billion stake in SunArt which runs hundreds of hypermarkets on the mainland for French shopping giant Auchan. The move to take a 72 percent holding in SunArt tightens Alibaba’s grip on China’s vast e-commerce sector as it looks to soak up the new customers pushed online to buy groceries, fresh food and healthcare products by the coronavirus. It also hands over control of 13 million square metres…