Stelux Holdings International, (HKG:0084) in a strategic move to streamline its business operations, has decided to cease its business operations in mainland China following lower revenue and retail sales from the region.
The company attributed the lower results to the keen competition in the region and will be shutting down its five retail stores and online platforms in the region in the coming few months.
The group, however, will continue to operate in Hong Kong, Macau, Singapore, Thailand, and Malaysia along with its online stores, a Wednesday bourse filing said.
The group recorded a 22.4% year-on-year decrease in its retail sales in the mainland for the six months ended Sept. 30, 2024, with the corresponding revenue accounting for only 3% of the group's total revenue.
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