SUNART RETAIL (Stock Code: 06808) announced the dismissal of its Chief Executive Officer, Ms. Li Weiping. The company stated that Ms. Li has been unreachable and, for an extended period, failed to perform her duties without obtaining leave. Consequently, the board of directors resolved to remove her from the position of executive director, effective immediately from March 8, 2026. Ms. Li will also step down from her roles as CEO and authorized representative but will remain an employee of the group.
Ms. Li Weiping, 48, has over 20 years of management experience in the retail industry. She worked at Hema from September 2018 to November 2025, serving as General Manager of Hema North China Beijing Region, CEO of the Hema Fresh business format, and Chief Merchandising Officer of Hema. Prior to her departure, she was part of the Hema President's Office. From June 2007 to August 2018, she was employed by Lotte Supermarket Co., Ltd., where she served as its legal representative and General Manager of Lotte North China. Between July 1999 and June 2007, she worked at China Resources Supermarket Co., Ltd., holding positions including Procurement Manager and Senior Manager. Ms. Li graduated from Beijing Institute of Machinery with a bachelor's degree in Mechanical Engineering and Information Automation in June 1999.
Ms. Li was appointed CEO of SUNART RETAIL on December 1, 2025, succeeding Shen Hui in the role.
Her successor, Hua Yuneng, 52, is the Co-Founder and CEO of DCP Capital (DCP Capital). Mr. Hua also serves as an independent director of Nasdaq-listed Niu Technologies (Stock Code: NIU). Before founding DCP Capital, he was a Partner at KKR Asia Limited, overseeing Greater China operations. SUNART RETAIL stated that Mr. Hua will not receive any remuneration for his roles as CEO and executive director of the company.
DCP Capital acquired SUNART RETAIL last year. In November 2017, Alibaba invested approximately HK$22.4 billion (about US$2.88 billion) to directly and indirectly hold a 36.16% stake in SUNART RETAIL. In October 2020, Alibaba further increased its investment with a total consideration of US$3.607 billion (approximately HK$27.957 billion), equivalent to HK$8.1 per share. Alibaba's total investment reached HK$50.4 billion. However, in early February 2025, control of SUNART RETAIL changed hands when DCP Capital acquired 7,507,666,581 shares from Alibaba, representing 78.7% of SUNART RETAIL's total shares, at a total cost exceeding HK$10 billion. This transaction resulted in a loss of nearly HK$40 billion for Alibaba.
Following the completion of the transaction, the chairman of SUNART RETAIL was replaced. Former Chairman Huang Mingduan stepped down, and Hua Yuneng assumed the role of chairman.
As of Friday's market close, SUNART RETAIL's share price was HK$1.65, with a market capitalization of HK$15.7 billion.
For the six months ended September 30, 2025, SUNART RETAIL reported revenue of RMB30.5 billion, a decrease of 12.1% from RMB34.7 billion in the same period the previous year, representing a decline of RMB4.2 billion. Gross profit was RMB7.719 billion, down 9.5% from RMB8.526 billion year-on-year.
Operating profit for the period was RMB271 million, a decline of 56.4% from RMB621 million in the prior year. The company reported a loss of RMB127 million for the period, compared to a profit of RMB186 million in the same period last year.
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