Alibaba to invest $2.9 bn in China's hypermarket Sun Art

Alibaba will be investing around $2.9 billion to acquire 36.16% stake in China's hypermarket chain Sun Art Retail Group, the e-commerce giant said on Monday. The deal will make Alibaba the second largest shareholder in the company, which has a market capitalisation of over $10 billion. Notably, Alibaba has invested more than $9.3 billion in brick-and-mortar stores since 2015.