1月1日，阿里巴巴集团宣布将向德弘资本出售其所持高鑫零售78.7%的股份，交易最高金额约为131.38亿港元。

方达律师事务所、司力达律师事务所为阿里巴巴提供法律意见；君合律师事务所、苏利文律师事务所则作为买方律师参与交易。

高鑫零售的主要业务为以大润发等品牌经营线下实体卖场及线上销售渠道，业务覆盖全国200多个城市。2017年，阿里巴巴首次入股高鑫零售，并在2020年进一步增持。

德弘资本是一家总部位于北京的私募股权投资机构，专注于亚洲的消费、医疗保健、教育、技术领域。

这是阿里巴巴近期宣布的第二宗出售实体零售企业的交易。12月17日，阿里巴巴与另一名少数股东，向雅戈尔集团和银泰管理团队成员组成的买方财团出售了银泰百货的100%股权，交易对价约为人民币74亿元。方达同样作为阿里巴巴的中国法及香港法律师参与交易，金杜律师事务所则为雅戈尔提供了法律意见。

根据雷递消息，阿里持续聚焦核心业务，出售了大量非核心业务资产，包括清仓B站股权，减持小鹏汽车股权，近期还拟清仓所持丽人丽妆股权。

高鑫零售交易中，君合团队牵头合伙人是陈江律师；苏利文团队由香港办事处合伙人吴基恩律师牵头。

银泰交易中，方达团队由合伙人钟奇牵头负责，合伙人范嘉倩和谢伟钦协作，同时得到合伙人丁继栋（资本市场）、黄菁（反垄断）、张浩（并购）支持。

Slaughter and May, Sullivan assist Alibaba in divesting Sun Art and Intime

Slaughter and May and Fangda Partners have advised Alibaba Group on its $1.68 billion sale of 78.7 percent stake in Sun Art Retail to DCP Capital, with Sullivan & Cromwell and JunHe acting for the buyer in the deal.

Sun Art Retail operates physical and online retail channels under the brand of RT-Mart, covering over 200 cities nationwide. Alibaba first invested in Sun Art Retail in 2017 and increased its stake in 2020. DCP Capital, a Beijing-based private equity firm, focuses on sectors such as consumer, healthcare, education, and technology in Asia.

This is Alibaba's second recent divestment of a physical retail enterprise. On December 17, Alibaba and another minority shareholder sold 100 percent equity of Intime Department Store to a buyer consortium comprising Youngor Group and Intime's management team for approximately $1.01 billion. 

Fangda Partners again served as Alibaba's PRC and Hong Kong legal advisor, while King & Wood Mallesons provided legal counsel to Youngor.

According to local media Lei Di News, Alibaba continues to focus on its core businesses by divesting non-core assets, including selling its entire stake in Bilibili, reducing its holdings in XPeng Motors, and recently planning to fully exit its investment in UCO Cosmetics.

In the Sun Art Retail transaction, JunHe’s team was led by partner Chen Jiang; Sullivan’s team was headed by Hong Kong partner Kay Ian Ng.

In the Intime transaction, Fangda’s team was led by partner Norman Zhong, with collaboration from partners Helen Fan and Samuel Xie, and support from partners Jeffrey Ding (capital markets), Caroline Huang (antitrust), and Zhang Hao (M&A).