SHANGHAI :
Yonghui Superstore Downplays Tencent's Rumored Buy-In, Says Just Negotiating
Liao Shumin
DATE:  Dec 08 2017
/ SOURCE:  Yicai
Yonghui Superstore Downplays Tencent's Rumored Buy-In, Says Just Negotiating Yonghui Superstore Downplays Tencent's Rumored Buy-In, Says Just Negotiating

(Yicai Global) Dec. 8 -- Tencent Holdings Ltd. [HK:0700] and Yonghui Superstores Co. [SHA:601933] are still in negotiations, and these do not necessarily relate to the expansion of Yonghui's Super Species or match the facts as media reported them, Securities Times said based on information it received from Yonghui.

Yonghui's shares suspended trading this afternoon.

Tencent has invested heavily in Super Species, a fresh-food superstore Yonghui controls. The deal has now concluded, and details will be forthcoming within two weeks, media earlier reported.

Yonghui's partnership with Tencent might change the competitive pattern in the new retail supermarket industry. Yonghui's stock swiftly rose to the daily limit at 11:10 this morning on the news.

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Keywords:   MSCI,TENCENT,Super Species