MINISO Group (HKG:9896) unit Guangdong Juncai International has agreed to buy a 29.4% stake in loss-making Yonghui Superstores (SHA:601933) for 6.27 billion yuan, according to a Hong Kong exchange filing on Monday.
Yonghui Superstores operates about 850 stores, covering more than 25 provinces and municipalities in China.
The MINISO unit will buy the stake from THE DAIRY FARM, a wholly owned subsidiary of Singapore-listed DFI Retail (SGX:D01).
DFI Retail expects to receive gross cash proceeds of about 4.5 billion yuan from the deal, it said in a separate filing on the Singapore Exchange on Monday.
The completion of the disposal is subject to regulatory conditions and clearance from relevant authorities in China.
Shares of MINISO plummeted 28% in recent trading in Hong Kong, while shares of Yonghui Superstores jumped 10% in Shanghai. In Singapore, DFI Retail's shares surged more than 7% in recent trade.
Price (HKD): $23.80, Change: $-9.1, Percent Change: -27.66%
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