Alibaba is offering $1.5 billion for China’s last big independent grocer. The bidding war with Meituan is on.

Alibaba has proposed a $1.5 billion bid to acquire Yonghui Superstores, one of China's largest independent grocery chains. This move has sparked a competitive bidding contest with Meituan, another major player in the Chinese retail and delivery market. The acquisition would mark a significant consolidation in China's grocery retail sector.