Economic news

Alibaba to buy 36% stake in Chinese hypermarket network for $2.9 billion

China's internet giant Alibaba has agreed to acquire 36 percent of Sun Art Retail Group Ltd 36%, which operates 400 hypermarkets, for $ 2.9 billion.

Alibaba's net profit rose 132% in the third quarter, to 17.4 billion yuan ($ 2.6 billion), revenue - 61%, to 55.1 billion yuan ($ 8.3 billion). According to the company's forecasts, revenue for 2017 will incease from 49% to 53%.

The major part of Alibaba's revenue is still brought by online trading.

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