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HK-listed Sun Art Retail soars over 20% after Alibaba takes control in $3.6 bln deal

Credit: REUTERS/ALY SONG

Shares of Sun Art Retail Group Ltd soared more than 20% at the open on Monday after Alibaba Group Holdings said it will take control of China's hypermarket chain operator.

HONG KONG, Oct 19 (Reuters) - Shares of Sun Art Retail Group Ltd 6808.HK soared more than 20% at the open on Monday after Alibaba Group Holdings BABA.N9988.HK said it will take control of China's hypermarket chain operator.

The shares rose as high as HK$10, the highest since Sept. 3. The benchmark Hang Seng Index .HSI opened 1.3% up.

The e-commerce giant said on Monday it will invest $3.6 billion to boost its stake in Sun Art Retail, gaining further ground in China's booming retail market.

(Reporting by Donny Kwok; Editing by Shri Navaratnam)

((donny.kwok@thomsonreuters.com; +852 3952 5874; Reuters Messaging: donny.kwok.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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