Latest news for Sun Art Retail Group (OTC:SURRF) Stock

Sun Art Retail Group Ltd is engaged in the operation of brick-and-mortar stores and online sales channels in the People's Republic of China. It operates its business with hypermarkets, superstores, and membership stores under RT-Mart, RT-Super, and M-Club and generates revenue from the sales of goods to customers, membership fees, and rental from leasing areas in the hypermarket buildings. Geographically, the company generates all of its revenue from the People's Republic of China.

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Alibaba Group Holdings Limited (NYSE: BABA) disclosed an additional $3.6 billion investment in Chinese supermarket operator Sun Art Retail Group (OTC: 

Alibaba Gets Majority Stake In Sun Art Retail With $3.6B Funding, As It Eyes Offline Expansion

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Stocks That Hit 52-Week Highs On Friday

SUN ART RETAIL GP LTD ORD by Sun Art Retail Group Ltd.

Sun Art Retail Group Ltd

Sun Art Retail Group

Alibaba Group Holdings Limited (NYSE:<a class="ticker" href="/stock/BABA#NYSE">BABA</a>) <a href="http://www.benzinga.com/pressreleases/20/10/b17951400/alibaba-acquires-controlling-stake-in-sun-art">disclosed</a> an additional $3.6 billion investment in Chinese supermarket operator Sun Art Retail Group (OTC:<a class="ticker" href="/stock/SURRF#OTC">SURRF</a>) on Sunday. The Chinese e-commerce giant&nbsp;will now hold a controlling interest with a 72% stake, including both direct and indirect holdings.

What Happened: Alibaba will <a href="https://doc.irasia.com/view/index.php?id=YNoW3xVN&amp;lang=en">acquire</a> 70.94% equity in A-RT Retail Holdings Ltd from the parent company&nbsp;Auchan Retail International SA and its subsidiaries, and make a buyout offer for the balance stake to shareholders. &nbsp;

Sun Arts hypermarkets are already integrated with Alibaba&rsquo;s one-hour delivery project,&nbsp;Taoxianda, and Tmall portals.

Why Does It Matter: Alibaba CEO Daniel Zhang said the &quot;strategic investment in Sun Art in 2017 was an important step in our New Retail strategy.&quot;

According to&nbsp;HSBC, China&rsquo;s grocery market could witness a 2.5 times&nbsp;growth rate by 2022, with a potential $103 billion market size, Bloomberg noted.

As of June-end, Sun Art controlled 481 hypermarkets and three mid-size supermarkets across China under the brands RT-Mart and Auchan.

Price Action: Alibaba stock closed 2.62% higher on Friday at $307.31 per share.

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