SHANGHAI/HONG KONG -- Shares of Chinese retailer Miniso Group fell sharply on Tuesday after it said it will buy a 6.27 billion yuan ($889 million) stake in Yonghui Superstores, one of the country's largest supermarket chains, from existing shareholders in a surprise bet on the domestic consumer market.
Growth of total retail sales of consumer goods, a gauge of household spending, slowed to 2.1% in August, from 2.7% in the previous month, underscoring sluggish demand and an uncertain business outlook.
