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.

Alibaba Group Holding Ltd has agreed to sell its shares in Sun Art Retail Group Ltd to private equity firm DCP Capital, unloading another high-profile physical commerce asset at a discount to focus on its core online business.

China's Alibaba Group Holding Ltd said on Wednesday it had agreed to sell its majority stake in hypermarket chain Sun Art Retail Group to Chinese private equity firm DCP Capital for HK$12.298 billion ($1.