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Alibaba Considers Sale of Consumer Assets Including Freshippo, RT-Mart - Sources

HONG KONG, Feb 2 (Reuters) - Chinese internet giant Alibaba Group is looking to sell a number of consumer sector assets, including grocery business Freshippo and retailer RT-Mart, three sources with k

Alibaba Considers Sale of Consumer Assets Including Freshippo, RT-Mart - Sources

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The assets also include shopping mall operator Intime, one of the sources said.</p><p>Discussions are at an early stage and Alibaba may decide not to proceed, the sources said.</p><p>Bloomberg reported on Thursday that Alibaba is considering selling InTime and has reached out to several firms to gauge their interest in acquiring its department store arm.</p><p>Alibaba, RT-Mart and Intime did not immediately respond to Reuters&#39; requests for comment.</p><p>A spokesperson for Freshippo denied that Alibaba was planning to sell the company and declined to comment further.</p><p>The divestment efforts also come amid Alibaba&#39;s broad restructuring and China&#39;s tightened scrutiny over initial public offerings in a already challenging capital markets that have hampered startups&#39; ability to raise funds.</p><p>Wu, who took office after predecessor Daniel Zhang stepped down in September, set out the company&#39;s future strategy two months later, saying that each of its businesses would face the market more independently and that it would conduct a strategic review to distinguish between &#34;core&#34; and &#34;non-core&#34; businesses.</p><p>&#34;With the change of Alibaba management, they are more focused on their core business, which is obviously domestic e-commerce, and they want to invest in more AI, cloud computing, and also overseas expansion,&#34; said Jason Yu, greater China managing director of market research firm Kantar Worldpanel.</p><p>&#34;These offline businesses do require a huge amount of effort and resources and it&#39;s proven quite difficult to actually integrate with their core business, which is the online commerce business,&#34; he said.</p><p>Alibaba announced a plan in March to split into six units and explore fundraisings or listings for most of them. It has since filed a Hong Kong listing application for the logistics arm Cainiao in September.</p><p>Freshippo, or Hema in Chinese, is a supermarket chain in China which also offers services such as dine-in and 30-minute home delivery. Launched in 2015, it has more than 300 stores in 28 cities, according to its website.</p><p>It was looking to list in Hong Kong last year but the plan was put on hold to better evaluate market conditions, Alibaba said in November.</p><p>In 2022, the grocery chain set out to raise funds at a valuation of about $6 billion, much lower than a hoped-for $10 billion. Freshippo has not announced the completion of the fundraising to date.</p><p>Alibaba invested $3.6 billion in 2020 to acquire a controlling stake in hypermarket operator Sun Art Retail Group Ltd, which runs RT-Mart, after buying a 21% stake in the company three years earlier.</p><p>The group expanded in China&#39;s brick and mortar retail sector, as growth in e-commerce slowed, but that strategy has not translated into profits, one of the sources and analysts said.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Alibaba Considers Sale of Consumer Assets Including Freshippo, RT-Mart - Sources</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba Considers Sale of Consumer Assets Including Freshippo, RT-Mart - Sources\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2024-02-02 22:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>HONG KONG, Feb 2 (Reuters) - Chinese internet giant Alibaba Group is looking to sell a number of consumer sector assets, including grocery business Freshippo and retailer RT-Mart, three sources with knowledge of the situation said.</p><p>The sale plan comes as Alibaba, under chairman Joe Tsai and newly appointed chief executive Eddie Wu, has shifted focus back to its core profitable e-commerce business model while divesting non-core, loss-making units, said one of the people.</p><p>Alibaba has been in talks with strategic and financial investors about these assets, said the sources, who declined to be named as the discussions were confidential. The assets also include shopping mall operator Intime, one of the sources said.</p><p>Discussions are at an early stage and Alibaba may decide not to proceed, the sources said.</p><p>Bloomberg reported on Thursday that Alibaba is considering selling InTime and has reached out to several firms to gauge their interest in acquiring its department store arm.</p><p>Alibaba, RT-Mart and Intime did not immediately respond to Reuters&#39; requests for comment.</p><p>A spokesperson for Freshippo denied that Alibaba was planning to sell the company and declined to comment further.</p><p>The divestment efforts also come amid Alibaba&#39;s broad restructuring and China&#39;s tightened scrutiny over initial public offerings in a already challenging capital markets that have hampered startups&#39; ability to raise funds.</p><p>Wu, who took office after predecessor Daniel Zhang stepped down in September, set out the company&#39;s future strategy two months later, saying that each of its businesses would face the market more independently and that it would conduct a strategic review to distinguish between &#34;core&#34; and &#34;non-core&#34; businesses.</p><p>&#34;With the change of Alibaba management, they are more focused on their core business, which is obviously domestic e-commerce, and they want to invest in more AI, cloud computing, and also overseas expansion,&#34; said Jason Yu, greater China managing director of market research firm Kantar Worldpanel.</p><p>&#34;These offline businesses do require a huge amount of effort and resources and it&#39;s proven quite difficult to actually integrate with their core business, which is the online commerce business,&#34; he said.</p><p>Alibaba announced a plan in March to split into six units and explore fundraisings or listings for most of them. It has since filed a Hong Kong listing application for the logistics arm Cainiao in September.</p><p>Freshippo, or Hema in Chinese, is a supermarket chain in China which also offers services such as dine-in and 30-minute home delivery. Launched in 2015, it has more than 300 stores in 28 cities, according to its website.</p><p>It was looking to list in Hong Kong last year but the plan was put on hold to better evaluate market conditions, Alibaba said in November.</p><p>In 2022, the grocery chain set out to raise funds at a valuation of about $6 billion, much lower than a hoped-for $10 billion. Freshippo has not announced the completion of the fundraising to date.</p><p>Alibaba invested $3.6 billion in 2020 to acquire a controlling stake in hypermarket operator Sun Art Retail Group Ltd, which runs RT-Mart, after buying a 21% stake in the company three years earlier.</p><p>The group expanded in China&#39;s brick and mortar retail sector, as growth in e-commerce slowed, but that strategy has not translated into profits, one of the sources and analysts said.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-SWR","BK1501":"阿里概念股","LU0320764243.SGD":"FTIF - Templeton Emerging Markets A Acc SGD","BK1177":"大卖场与超市","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0048597586.USD":"富达亚洲焦点A","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU0228659784.USD":"施罗德金砖四国基金","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","BK1588":"回港中概股","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","BK1249":"综合零售","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0417516571.SGD":"Allianz Oriental Income Cl AT Acc SGD","BABA":"阿里巴巴","LU0029874905.USD":"TEMPLETON EMERGING MARKETS \"A\" INC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU0052750758.USD":"富兰克林中国基金A Acc","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","09988":"阿里巴巴-SW","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU0173614495.USD":"富达中国焦点A","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","BK1586":"云计算","LU0359201612.USD":"贝莱德中国基金A2","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","BK1591":"就地过年概念","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0048580855.USD":"富达大中华区A","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0293314216.USD":"ALLIANZ GEM EQUITY HIGH DIVIDEND \"A\" (USD) ACC","BK1517":"云办公","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","BK1502":"双十一","BK1584":"蚂蚁金服概念"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2408360011","content_text":"HONG KONG, Feb 2 (Reuters) - Chinese internet giant Alibaba Group is looking to sell a number of consumer sector assets, including grocery business Freshippo and retailer RT-Mart, three sources with knowledge of the situation said.The sale plan comes as Alibaba, under chairman Joe Tsai and newly appointed chief executive Eddie Wu, has shifted focus back to its core profitable e-commerce business model while divesting non-core, loss-making units, said one of the people.Alibaba has been in talks with strategic and financial investors about these assets, said the sources, who declined to be named as the discussions were confidential. The assets also include shopping mall operator Intime, one of the sources said.Discussions are at an early stage and Alibaba may decide not to proceed, the sources said.Bloomberg reported on Thursday that Alibaba is considering selling InTime and has reached out to several firms to gauge their interest in acquiring its department store arm.Alibaba, RT-Mart and Intime did not immediately respond to Reuters' requests for comment.A spokesperson for Freshippo denied that Alibaba was planning to sell the company and declined to comment further.The divestment efforts also come amid Alibaba's broad restructuring and China's tightened scrutiny over initial public offerings in a already challenging capital markets that have hampered startups' ability to raise funds.Wu, who took office after predecessor Daniel Zhang stepped down in September, set out the company's future strategy two months later, saying that each of its businesses would face the market more independently and that it would conduct a strategic review to distinguish between \"core\" and \"non-core\" businesses.\"With the change of Alibaba management, they are more focused on their core business, which is obviously domestic e-commerce, and they want to invest in more AI, cloud computing, and also overseas expansion,\" said Jason Yu, greater China managing director of market research firm Kantar Worldpanel.\"These offline businesses do require a huge amount of effort and resources and it's proven quite difficult to actually integrate with their core business, which is the online commerce business,\" he said.Alibaba announced a plan in March to split into six units and explore fundraisings or listings for most of them. It has since filed a Hong Kong listing application for the logistics arm Cainiao in September.Freshippo, or Hema in Chinese, is a supermarket chain in China which also offers services such as dine-in and 30-minute home delivery. Launched in 2015, it has more than 300 stores in 28 cities, according to its website.It was looking to list in Hong Kong last year but the plan was put on hold to better evaluate market conditions, Alibaba said in November.In 2022, the grocery chain set out to raise funds at a valuation of about $6 billion, much lower than a hoped-for $10 billion. Freshippo has not announced the completion of the fundraising to date.Alibaba invested $3.6 billion in 2020 to acquire a controlling stake in hypermarket operator Sun Art Retail Group Ltd, which runs RT-Mart, after buying a 21% stake in the company three years earlier.The group expanded in China's brick and mortar retail sector, as growth in e-commerce slowed, but that strategy has not translated into profits, one of the sources and analysts said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":214,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":69,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}