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.

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China’s e-commerce pioneer expects gross proceeds of up to HK$12.3 billion (US$1.6 billion or $2.15 billion) from selling its more than 70% holding in the chain of Costco-like hypermart stores.