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Sun Art Retail Group Expects Up to 200 Million Yuan Profit in Fiscal H1
Alibaba's progress in selling Sunart Retail equity: received tender offer letter, no agreements or trades reached yet.
①Previously, there were market rumors that sunart retail had attracted interest from private equity investors, with potential buyers including Dehong Capital, Hillhouse Capital, and Runtai Group. However, both Hillhouse Capital and sunart retail have not commented on this at this time. ②The decline of traditional chain supermarkets has become a common trend. In addition to personnel adjustments, Darunfa is also adjusting its business format and will invest in opening stores in large and medium-sized supermarkets and expanding membership stores this year.
Hong Kong stock abnormal movement | Sunart Retail (06808) resumed trading with a opening price over 25% higher. Received a third-party expression of interest in full acquisition contact letter, expected to turn mid-term after-tax losses into profits.
sunart retail (06808) resumed trading with a more than 25% opening increase. As of the time of publication, it has risen by 25.14%, reaching 2.24 Hong Kong dollars, with a turnover of 5.5922 million Hong Kong dollars.
Express News | Shares of Sun Art Retail Set to Open up 25.1%
Sunart Retail received a takeover bid from a potential acquirer and will resume trading on October 16th.
sunart retail (06808) announced that on September 27, 2024, the board of directors received a letter of contact from an interested party, indicating its intention to make a voluntary conditional offer subject to various conditions for all the company's issued shares, and proposing the cancellation of all outstanding stock options exercised by the company. The company has applied to the Hong Kong Stock Exchange for the trading of shares to resume from 9:00 am on October 16, 2024, after the publication of this announcement.
Sunart retail expects a significant improvement in mid-term after-tax profit.
Sunart Retail (06808) announced that it is expected to significantly improve its after-tax profit for the first 6 months ending September 30, 2024, and turn losses into profits compared to the same period last fiscal year. Calculated in accordance with Hong Kong Financial Reporting Standards, the estimated after-tax profit for the first 6 months ending September 30, 2024 is approximately RMB 0.15 billion to RMB 0.2 billion (unaudited). The group incurred an after-tax loss of RMB 0.378 billion for the first 6 months ending September 30, 2023. The expected improvement in after-tax profit is mainly due to stable foot traffic at existing stores, positive growth in same-store sales; and rapid cost reduction and efficiency improvement initiatives.
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