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+---- Thread: Alibaba increases stranglehold on Chinese shoppers (/thread-133.html)
Alibaba increases stranglehold on Chinese shoppers - superadmin - 10-19-2020
Chinese tech giant Alibaba will take control of leading hypermarket and supermarket chain Sun Art Retailing.
The tech titan is looking to boost its offline shopping services and gain further ground in China's booming retail market.
Alibaba is already China's biggest e-commerce player and owns Taobao, the world's largest online marketplace.
Sun Art is currently controlled by a unit of Mulliez family investments - one of the richest families in France.
Alibaba will pay HK$28bn (US$3.6bn, £2.bn) to raise its stake in the Hong Kong-listed Sun Art from 21% to 72% according to a company statement.
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