Alibaba to Offload Stake in Supermarket Chain

A rundown of the news making headlines in and around China:

Retail retreat: Alibaba Group Holding Ltd. has agreed to sell its stake in Chinese supermarket chain RT-Mart to buyout firm DCP Capital for as much as HK$13.1 billion ($1.7 billion). Under the deal, which still needs regulatory approval, DCP Capital will acquire Alibaba’s entire interest in the chain’s operator, Sun Art Retail Group, for a maximum price of HK$1.75 per share. Alibaba controls 78.7% of Sun Art shares. Alibaba has been dialing back its foray into “new retail” to refocus on e-commerce and cloud computing, sparking speculation that its brick-and-mortar retail businesses might be put up for sale.