Slaughter and May, Fangda Partners, Sullivan & Cromwell and JunHe have been advising stakeholders of Alibaba’s HKD13.1 billion (USD1.7 billion) sale of its entire stake in Sun Art Retail to DCP Capital.
Benita Yu, the senior partner at Slaughter and May, acted as Alibaba’s leading counsel, supported by partner Vincent Chan. Slaughter and May’s spokesman told China Business Law Journal that lawyers have been advising Alibaba on its sales and purchase agreement and voluntary general offer, and liaising with the Securities and Futures Commission of Hong Kong.
Fangda acted as Alibaba’s PRC law counsel, partners Norman Zhong and Zhang Hao have been advising on M&A matters while partner Caroline Huang has been offering antitrust law advice.
Sullivan & Cromwell’s Hong Kong managing partner Ng Kay Ian and JunHe’s Chen Jiang have been advising the Chinese private equity firm DCP Capital.
Alibaba’s affiliated companies – A-RT Retail, Taobao China and New Retail – have entered an agreement to sell 78.7% of Sun Art Retail to Paragon Shine, a subsidiary of DCP Capital.
The Hong Kong-listed Sun Art Retail is the parent company of the supermarket chains RT-Mart, RT-Super, and membership-based store M-Club. An Alibaba statement said Sun Art Retail recorded RMB78 million in net profit in 2023, but lost RMB1.7 billion in 2024.
The tech giant has been disposing of consumer sector assets prior to this transaction, with Alibaba selling its entire stake in department store chain Intime at the end of 2024.
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