Alibaba Acquires Majority Stake in Chinese Supermarket Chain Sun Art

The Alibaba Group said it will invest $3.6 billion to boost its stake in hypermarket operator Sun Art Retail Group, gaining further ground in China's retail market. Alibaba, which already owned 21 percent of Sun Art through a unit, will raise its stake to around 72 percent through the acquisition of a similar stake in A-RT Retail Holdings, who owns 51 percent of Sun A...