Published: 9:00pm, 30 Sep 2024Updated: 9:39pm, 30 Sep 2024
China’s largest hypermarket operator has suspended the trading of its Hong Kong-listed stock since Friday pending an announcement on mergers and acquisitions, fanning speculation that Alibaba Group Holding may divest its controlling shares.
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Alibaba took control of Sun Art Retail Group from the Mulliez, a wealthy French family, for HK$28 billion (US$3.6 billion) in October 2020, as the e-commerce giant sought to synergise online shopping and offline hypermarkets under a “new retail” model.
Sun Art shares traded most recently at HK$1.79, down about 78 per cent from the price per share of about HK$8.1 that Alibaba paid at the time of its investment. Alibaba is the owner of the South China Morning Post.
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Sun Art did not provide details about potential takeovers or mergers in its stock exchange filing. The company declined to comment further. Alibaba did not immediately respond to a request for comment on Monday.
