Alibaba Strengthening Its New Retail Strategy With Sun Art Through a 36% Stake in the Latter
Taobao China, a wholly owned subsidiary of Alibaba Group, will effectively acquire a 36.16% stake in Sun Art from Kofu and Concord Greater China (under Ruentex, one of the two ultimate controlling shareholders). We were surprised by the transaction price of HKD 6.50 per share, which is below our fair value estimate of HKD 7.8 per share and the last close price of HKD 8.6 per share. We believe this is why the shares fell in the morning trading session. We think the transaction price discount was ...Sun Art Retail Group is an investment holding company, engaged in the operation of hypermarkets in the People's Republic of China (PRC), under two banners of Auchan and RT-Mart. As of Dec 31 2014, Co. had a total of 372 hypermarket complexes in China, with a total gross floor area of approximately 10,277,525 sq. m.
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