Shares in Hong Kong-listed hypermarket operator Sun Art Retail Group plunged on Monday, after it issued a statement that effectively ruled out a tie-up with Tencent Holdings Ltd and Alibaba Group Holding Ltd.

The share reacted to the announcement by Sun Art, which said that it was in talks with retailer Suning Commerce Group, for some form of financial tie-up.

This ruled out cooperation with Alibaba and Tencent, two internet giants, and the possible sale of the RT-Mart chain under Sun Art, said its Chief Executive Officer Robert Mercier on Monday.