This article only represents the author's own views.
Hypermarket operator Sun Art Retail Group Ltd. (6808.HK) thought it found a savior in 2017 when e-commerce juggernaut Alibaba (BABA.US; 9988.HK) bought a major stake in the company. Now, seven years later, it seems the hypermarket operator is having second thoughts about the marriage and is doing a bit of shopping itself for a new mate.
Investors seemed to like the idea of a pending divorce, based on an intra-day jump of as much as 30.7% in Sun Art’s shares on Oct. 16 as trading resumed after the company announced that a potential buyer had shown interest in purchasing Alibaba’s stake. Adding to the excitement, Sun Art released a positive profit alert the same day.
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