Golden Finance News | SunArt Retail (06808) was under pressure near midday and fell by 5.33% as of the time of publication, trading at 2.13 Hong Kong dollars, with a turnover of 52.6202 million Hong Kong dollars.
On the news front, SunArt Retail announced on the evening of October 15th that it had received a contact letter from a potential offeror on September 27th, expressing its intention to make a voluntary conditional offer with pre-conditions regarding all issued shares of the company.
Currently, discussions between the major shareholder alibaba of SunArt Retail and the potential offeror are ongoing. Alibaba Group is also in discussions with several other individuals.
Over the past two years, SunArt Retail has reduced costs and increased efficiency through measures such as closing stores and reducing expenses, resulting in a reduction of nearly 30% in the number of employees. Both sales and marketing expenses and administrative costs have decreased. Discussions with potential buyers are still ongoing, with no consensus reached yet.