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.
Retail
Miniso shares plunge after surprise bet on Chinese supermarket chain
$889m investment in Yonghui Superstores met with skepticism from analysts
A Miniso store in Beijing. The Guangzhou-based retailer's acquisition of supermarket chain Yonghui comes amid tepid retail growth. (Photo by Taro Yokosawa)
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