Biopharmaceutical firm Hutchmed China Ltd., backed by billionaire Li Ka-shing, has agreed to sell stakes in a health unit for about $608 million as the group seeks to generate capital and focus on its core businesses.

Hutchmed (China), controlled by tycoon Li Ka-shing, is selling stakes in its health subsidiary for around $608 million as the billionaire and his flagship conglomerate look to ramp up capital and pivot towards core operations at the drugmaker.

Alibaba Group has agreed to sell its shares in Sun Art Retail in a $1.7 billion deal, the latest divestment as part of efforts to focus on its core e-commerce business.

Chinese e-commerce major Alibaba Group has agreed to divest its interest in the Sun Art Retail Group, a hypermarket operator, to Paragon Shine for K$12.29bn ($1.58bn). The buyer is an exempt company incorporated in the Cayman Islands with limited liability.