HNA Retailing spends RMB 900m to acquire Shanghai Jiadeli Supermarket
HNA Retailing, a subsidiary under HNA Group, becomes the third "owner" of Shanghai Jiadeli Supermarket Co., Ltd., the fourth largest supermarket in Shanghai, the financial hub of China.
HNA Retailing has spent nearly CNY 900 million acquiring a 100% stake in the Shanghai-based supermarket, which will be formally announced by the buyer on October 26. This happens no more than three years following that the UK ARC Capital Holdings Limited took over the supermarket.
HNA Retailing, with eight department stores and 202 supermarket stores, has had assets of up to CNY 5.9 billion by the end of June 2010, extending footprint to Shaanxi Province, Gansu Province, Tianjin Municipality, Shanghai, and Hainan Province.
According to data disclosed by the supermarket, the major business revenue hit CNY 1.746 billion and net profit was CNY 33.68 million in 2006; the major business revenue arrived at CNY 1.924 billion and net profit fell CNY 17.01 million in 2007. The supermarket witnessed sales revenue of about CNY 2 billion in 2009 and nearly CNY 1.6 billion in the first nine months of this year, growing 5% over the same period of a year earlier.
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