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Retailer Miniso plans to acquire a 29.4% stake in China's embattled and struggling supermarket chain operator Yonghui Superstores for approximately $893 million (6.3 billion yuan). The transaction is expected to help Yonghui achieve its long-term development and strategic goals. Following the announcement, shares of Miniso Group Holding plunged 39%, while Yonghui Superstores' shares opened 10% higher. The acquisition will make Miniso the largest shareholder of Yonghui, acquiring nearly 2.7 billion shares indirectly held by DFI Retail Group and JD Corporate.
Miniso + Yonghui = Sam's Club ?! 🤔 Yonghui does not have a great track record in New Retail, with Hema-clone Yonghui Superspecies failing despite support from JD and Tencent. Miniso has recently started 24-hour front-end warehouses, but little is known about their results so…
🔵 DBS MOVING TO RAISE CHINA SECURITIES JOINT VENTURE STAKE TO 91%, CEO SAYS Full Story → https://t.co/kwxNuwqnBr (Reuters) - DBS Group Chief Executive Piyush Gupta said on Wednesday it is in the process of increasing ownership in its China securities joint venture to 91%…
Chinese billionaire Ye Guofu's fortune tumbled $593 million after Miniso announced a surprise bid to acquire a majority stake in a struggling mega-supermarket https://t.co/28vgd2hCqg
