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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Suning.com Co., Ltd.    002024   CNE000001KF2

SUNING.COM CO., LTD.

(002024)
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Alibaba shops for hypermarket chain Sun Art in $3.6 billion deal

10/19/2020 | 01:49am EST
Alibaba sign is seen outside its Beijing headquarters

(Reuters) - Alibaba Group Holdings said on Monday it will invest $3.6 billion to acquire a controlling stake in hypermarket operator Sun Art Retail Group Ltd, gaining further ground in China's retail market.

The e-commerce giant is hoping to further leverage its digital presence to support Sun Art's 481 hypermarkets and three mid-size supermarkets in China. The move comes as Alibaba steadily expands its presence in China's offline retail sector, as growth in traditional e-commerce slows.

Alibaba, which already owned 21% of Sun Art through a unit, will raise its stake to around 72% through the acquisition of a similar stake in A-RT Retail Holdings, who owns 51% of Sun Art.

"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," Alibaba Chairman and Chief Executive Officer Daniel Zhang said in a statement.

Alibaba added that Peter Huang would be appointed chairman of Sun Art on top of his current role as chief executive officer.

Shares of Sun Art soared more than 27% by lunchtime on Monday after Alibaba made the announcement.

Alibaba has expanded outlets across China for Freshippo, a supermarket chain that doubles as an online delivery service. Alibaba operates 214 Freshippo outlets as of its most recent earnings report.

It also has worked with mom-and-pop convenience store owners to offer technology and data analytics services.

Alibaba's e-commerce rivals in China have made similar forays into brick-and-mortar retail.

Online retailer JD.Com Inc runs a brick-and-mortar grocery store called 7Fresh.

Pinduoduo Inc , the fast-growing e-commerce site known for budget deals on bulk purchases, bought a stake in home-appliance retailer Gome Retail Holdings Inc in August for $200 million.

(Reporting by Nikhil Kurian Nainan in Bengaluru and Josh Horwitz in Shanghai; Editing by Stephen Coates)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.45% 276.48 Delayed Quote.30.94%
GOME RETAIL HOLDINGS LIMITED -1.12% 0.88 End-of-day quote.22.22%
PINDUODUO INC. 6.00% 144.05 Delayed Quote.259.33%
SUN ART RETAIL GROUP LIMITED 0.00% 8.25 End-of-day quote.-12.70%
SUNING.COM CO., LTD. -0.44% 8.96 End-of-day quote.-11.37%
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Financials
Sales 2020 280 B 42 589 M 42 589 M
Net income 2020 1 079 M 164 M 164 M
Net cash 2020 259 M 39,4 M 39,4 M
P/E ratio 2020 73,8x
Yield 2020 0,29%
Capitalization 81 847 M 12 443 M 12 451 M
EV / Sales 2020 0,29x
EV / Sales 2021 0,25x
Nbr of Employees 42 196
Free-Float 29,4%
Chart SUNING.COM CO., LTD.
Duration : Period :
Suning.com Co., Ltd. Technical Analysis Chart | 002024 | CNE000001KF2 | MarketScreener
Technical analysis trends SUNING.COM CO., LTD.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Average target price 11,83 CNY
Last Close Price 8,97 CNY
Spread / Highest target 56,1%
Spread / Average Target 31,9%
Spread / Lowest Target 5,91%
EPS Revisions
Managers
NameTitle
En Long Hou President
Jin Dong Zhang Chairman
Xiao Ling Wang Chairman-Supervisory Board
Wei Min Sun Vice Chairman
Xiang Sheng Meng Director & Senior Vice President
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