Alibaba Group Holding is investing about $3.6 billion in the Sun Art Retail Group, which operates hypermarkets and supermarkets in China. Sun Art’s current chief executive, Peter Huang, will be taking on the additional post of chairman. The deal will raise Alibaba’s stake in Sun Art to about 72 percent. In detail, Alibaba is acquiring 70.94 percent of A-RT Retail Holdings – valued at approximately 28.0 billion Hong Kong dollars (€3.06b-$3.61bn) – from Auchan and its subsidiary, Auchan Retail. A-RT in turn holds owns about 51 percent of Sun Art. Alibaba will subsequently be including Sun Art in its consolidated financial statements. According to Daniel Zhang, Alibaba’s chairman and CEO, the acquisition serves to “strengthen our New Retail vision and serve more consumers with a fully integrated experience.” The New Retail vision dates to November 2017, when Alibaba, Auchan Retail and Ruentex Group announced an alliance to digitalize Sun Art’s stores in China, all of which have since been integrated into Alibaba’s Taoxianda and Tmall Supermarket platforms – for one-hour and half-day on-demand delivery through other companies in Alibaba’s network, such as and Cainiao. On June 30, Sun Art was operating 481 hypermarkets and three supermarkets in China.