Alibaba-backed Taobao China agreed to acquire a controlling stake in Sun Art, a hypermarket and supermarket operator in China for $3.6bn. Alibaba will raise its aggregate direct and indirect stake in Sun Art to approximately 72% through the acquisition of 71% stake in A-RT Retail Holdings that holds approximately 51% of the equity interest in Sun Art. “Alibaba’s strategic investment in Sun Art in 2017 was an important step in our New Retail strategy. The alliance we formed with Auchan Retail and Ruentex was instrumental in building a robust infrastructure to create opportunities and value in China’s retail sector. Led by Chief Executive Officer Peter Huang, Sun Art has achieved impressive results in its digitalization, and pursued promising synergies with businesses across the Alibaba digital economy. As the COVID-19 pandemic is accelerating the digitalization of consumer lifestyles and enterprise operations, this commitment to Sun Art serves to strengthen our New Retail vision and serve more consumers with a fully integrated experience," Daniel Zhang, Alibaba Group Chairman and CEO.