Dairy Farm strikes $925m Chinese supermarket deal

Retail heats up as Dairy Farm enters Chinese supermarket business with an agreement to buy a 19.9% stake in Fujian-based Yonghui Superstores.
Yonghui operates almost 300 stores across China
Yonghui operates almost 300 stores across China

Asia’s retail sector continues to churn out MA deal activity with Dairy Farm International agreeing on Monday evening to buy a 19.9% stake in Yonghui Superstores for Rmb5.7 billion $925 million, marking its entry into China’s growing supermarket business.

Dairy Farm, which is part of the Jardine Matheson group, operates Wellcome, Hong Kong’s largest supermarket chain, as well as beauty chain Mannings, making it a key rival to Li Ka-shing controlled AS Watson, which operates supermarket chain ParknShop and beauty chain Watson. Dairy Farm also operates 7-Eleven convenience stores in Hong Kong, Macau, Singapore and Guangdong province, and has a small presence in the mainland through its...

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