Shares of Alibaba Group (NYSE: BABA) are trading around 2% higher today to print fresh record highs.
The stock has been supported today by the news that the Chinese giant is working to buy a majority stake in the local hypermarket chain Sun Art Retail Group for $3.6 billion. This way, the giant will take control of the company’s 481 hypermarkets and 3 supermarkets in China.
Alibaba already has a 21% stake in Sun Art with plans to raise it to 72% now. As a part of the deal, Peter Huang, the current CEO of Sun Art will also become the company’s chairman, said Alibaba.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
“As the COVID-19 pandemic is accelerating the digitalisation 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,” said Daniel Zhang, Chairman and CEO of Alibaba.
Moreover, Ant Group, which is partially owned Alibaba, has received permission for its planned initial public offering in Hong Kong. The fintech firm is seeking a valuation of around $280 billion.
Alibaba share price soared to new record highs at $313.81, exceeding last week’s $310.01.
PEOPLE WHO READ THIS ALSO VIEWED:
