Alibaba to Sell Majority Stake in Sun Art

Alibaba Group Holding Ltd. (HK:9988) has released an update.

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Alibaba Group Holding Ltd. is set to sell its 73.66% stake in Sun Art Retail Group through a Share Purchase Agreement (SPA) with a purchaser, which will result in the purchaser holding approximately 78.70% of Sun Art’s shares. This transaction will require the purchaser to make a mandatory general offer for the remaining shares of Sun Art. Investors are advised to exercise caution as the completion of the SPA is subject to certain conditions.

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