Daniel Zhang, chairman and CEO of Alibaba, said in a statement:"As the COVID-19 pandemic is accelerating the digitization 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."
Alibaba added that Peter Huang would be appointed chairman of Sun Art on top of his current role as chief executive officer. Shares in Sun Art soared 19 percent on Monday on the back of the news, while Alibaba climbed 1 percent in Hong Kong.It comes as Alibaba's financial technology offshoot Ant Group has secured approval from the Chinese securities regulator for the Hong Kong leg of its initial public offering.on the Hong Stock Stock Exchange and the Shanghai stock exchange's STAR market. The IPO could potentially be one of the biggest of all time., reported a profit of 21.
Logo of the Chinese multinational e-commerce, retail, internet, and technology conglomerate, Alibaba. The company is doubling its stake in bricks-and-mortar retailer Sun Art from 36.16 percent to 72 percent.
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