⁍ Alibaba will invest $3.6 billion to boost its stake in hypermarket operator Sun Art Retail Group Ltd 6808.HK.

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⁍ The move comes as Alibaba steadily expands its presence in China’s offline retail sector.

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⁍ Shares of Sun Art soared more than 20% at the open on Monday after Alibaba made the announcement.

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– Chinese e-commerce giant Alibaba is investing $3.6 billion to boost its stake in one of the country’s biggest hypermarkets. Alibaba already owns 21% of China’s Sun Art Retail Group, which operates 481 hypermarkets and three mid-size supermarkets in the country, reports Reuters. The investment will raise Alibaba’s stake in Sun Art to around 72%. “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,” says Alibaba CEO Daniel Zhang.