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BUSINESS & TECH

Sun Art Shares Halted Amid Rumors Over Alibaba Bid

By April Ma

(Beijing) — Sun Art Retail Group Ltd., the parent of China’s largest grocery chain, asked for its shares to be suspended in Hong Kong on Friday amid speculation that the company is in talks to sell its supermarket operation, RT-Mart, to e-commerce giant Alibaba Group Holding Ltd.

Shares in Sun Art, the biggest hypermarket operator in China, jumped 6.5% to HK$8.70 ($1.12) on Friday morning before the suspension, their highest level in two years, after Chinese media reported that the two companies were in discussions.

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