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)
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