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Illustration: Sarah Grillo/Axios Visuals

Alibaba (NYSE: BABA) will pay $3.6 billion to acquire a control stake in Chinese hypermarket operator Sun Art Retail Group (HK: 6808), increasing its equity position from 21% to 72%.

Why it matters: This comes against the backdrop of China's economy growing by an official 4.6% in Q3, year-over-year, which isn't too far below projections made before the pandemic began.

  • The bottom line: "All of Sun Art’s 484 physical retail locations in China are now integrated into Alibaba’s Taoxianda and Tmall Supermarket platforms for groceries, as well as Ele.me and Cainiao, its on-demand food demand delivery app and logistics businesses, respectively. For customers, this means faster deliveries and larger selections, while giving Alibaba more sources of data it can use to improve its supply chain and business operations." — Catherine Shu, TechCrunch

Go deeper

Oct 20, 2020 - Podcasts

China's post-COVID economic recovery

The Chinese government on Monday reported third-quarter GDP growth of 4.9%, year-over-year. This comes as the U.S. economy continues to be much weaker, year-over-year, given our relative inability to get COVID-19 under control.

Axios Re:Cap goes deeper into China's economy, including its increased focus on domestic demand, with CNBC Beijing bureau chief Eunice Yoon.

1 hour ago - Sports

The end of COVID’s grip on sports may be in sight

Illustration: Aïda Amer/Axios

Packed stadiums and a more normal fan experience could return by late 2021, NIAID director Anthony Fauci said yesterday.

Why it matters: If Fauci's prediction comes true, it could save countless programs from going extinct next year.

Trump's 2024 begins

Trump speaking to reporters in the White House on Thanksgiving. Photo: Erin Schaff - Pool/Getty Images

President Trump is likely to announce he'll run again in 2024, perhaps before this term even ends, sources tell Axios.

Why it matters: Trump has already set in motion two important strategies to stay relevant and freeze out other Republican rivals.