Alibaba to sell stake in China’s hypermarket chain Sun Art for $1.58B (NYSE:BABA)

Alibaba Group (NYSE:BABA) will sell its majority stake in hypermarket chain Sun Art Retail Group (OTCPK:SURRY) (OTCPK:SURRF) to private equity firm DCP Capital for approximately $1.58 billion.

This transaction involves the sale of a 78.7% stake in Sun Art (