The sale of a majority stake in Hong Kong-based supermarket chain City’super has attracted interest from CR Vanguard and Yonghui, Bloomberg reports.
Hong Kong's landscape may consolidate
Earlier this year, Bloomberg reported that Fenix Group was looking for potential buyers to sell its majority stake in City Super Group. The first-round of bids could be as soon as later this month.
CR Vanguard already trades in Hong Kong, operating Vanguard supermarkets, VanGO convenience stores and U select Tesco discount-oriented stores.
Yonghui on the other hand has alliances with Hong Kong’s two largest retailers Dairy Farm and A.S. Watson, albeit in mainland China. The former has a 19.99% stake in Yonghui, while Yonghui partnered with Tencent and A.S. Watson to create PARKnSHOP Yonghui in late 2018, becoming one of the largest grocery retailers in Guangdong province.Subscribers can read more about CR Vanguard here and Yonghui here.