①Hua Yuneng’s transition from Board Chairman to concurrently serving as CEO signifies that DCP Capital has completely abandoned the professional manager stewardship model, opting instead for direct operational control. This marks a pivotal shift in strategy as investors move from financial investment to hands-on operational management of Sun Art Retail. ②This offline supermarket giant is entering a new phase of “direct capital oversight,” with expectations of accelerated cost optimization, asset integration, and transformation progress.
The Sci-Tech Innovation Board Daily News, March 9th, by reporter Xu Cihao: Less than three months after the new leader took office, RT-Mart’s parent company will welcome a new CEO.
Last night (March 8), RT-Mart's parent company, Sun Art Retail, announced on the Hong Kong Stock Exchange that due to the prolonged absence and failure to fulfill duties of Executive Director and Chief Executive Officer Li Weiping, the board resolved to immediately remove him from his position as an executive director, simultaneously revoking his roles as CEO and authorized representative. Hua Yuneng, Chairman of the Board, was appointed as CEO, transferred to serve as an executive director, and designated as the authorized representative, effective immediately.
The announcement also revealed that Li Weiping retains his status as a group employee. This follows the company’s February 4th statement that it was temporarily unable to contact Li Weiping, with this being the official final resolution. At that time, informed sources disclosed to The Sci-Tech Innovation Board Daily News reporter that Li Weiping had been taken away by the police for assistance in an investigation, resulting in his disappearance. Li Weiping officially assumed his duties on December 1, 2025, and encountered this abrupt change after only about three months in office.
Hua Yuneng, who has stepped into this critical role under urgent circumstances, holds a status far exceeding that of an ordinary professional manager. Aged 52, Hua Yuneng has served as a director and chairman of Sun Art Retail since March 2025. He is also the co-founder and CEO of DCP Capital. His career spans top-tier international investment institutions, including roles as KKR’s Asia-Pacific partner overseeing Greater China operations, head of Morgan Stanley’s private equity investment department in China, and positions at Lazard Freres & Co.’s mergers and acquisitions division and PricewaterhouseCoopers Financial Advisory. The announcement clearly states that Hua Yuneng will not receive any remuneration during his concurrent roles as CEO and executive director.
Behind the personnel shake-up lies the transformation pressure and performance challenges faced by Sun Art Retail following its change in ownership. In early 2025, DCP Capital acquired 78.7% controlling interest in Sun Art Retail from Alibaba for HKD 13.1 billion, marking Alibaba’s exit after seven years of shareholding. The first interim results after DCP Capital took over revealed that in the six months ending September 30, 2025, the company reported revenue of RMB 30.502 billion, a year-on-year decrease of 12.12%; net loss attributable to shareholders amounted to RMB 123 million compared to a profit of RMB 206 million in the same period last year, shifting from profit to loss. Same-store sales declined by 11.7%, with both customer ticket size and transaction volume dropping, despite a 7.4% year-on-year growth in B2C online orders, which failed to offset the overall downward trend.
To reverse the situation, Sun Art Retail has continuously advanced its transformation over the past year. Using the Kunshan store as a benchmark, it systematically adjusted and improved stores nationwide, streamlined SKUs, strengthened fresh food offerings, and promoted scenario-based dining; expanded its Super community format to 32 locations, becoming the mainstay of new stores; and achieved a 54% year-on-year increase in sales for its dual private labels, “Runfa Selection + Ultra-Save,” gradually building offline experiential barriers. However, the transformation outcomes have yet to cover the revenue decline and rigid cost pressures, leaving the company still in a loss-making trajectory.
Senior retail industry expert Zhang Weirong stated that Hua Yuneng’s transition from Board Chairman to concurrently serving as CEO signifies that DCP Capital has completely abandoned the professional manager stewardship model, opting instead for direct operational control. This move marks a crucial strategic shift as investors transition from financial investment to hands-on operational management of Sun Art Retail. As a seasoned capital veteran specializing in mergers, restructuring, and cost optimization, Hua Yuneng excels in resource integration and efficiency enhancement. However, complex aspects like offline retail store operations, supply chain management, and regional fine-tuned operations still pose entirely new challenges for him.
To date, Sun Art Retail has not disclosed the specific reasons for Li Weiping’s disappearance, stating that related matters do not affect daily operations. The Sci-Tech Innovation Board Daily News reporter reached out to the company with interview requests, but as of press time, no response had been received.
Zhang Weirong further analyzed for The Sci-Tech Innovation Board Daily News reporter that with Hua Yuneng taking full command, this offline supermarket giant will enter a new phase of “direct capital oversight,” with subsequent cost optimization, asset integration, and transformation progress expected to accelerate. The core challenge facing Hua Yuneng’s team will be how to halt the decline amid fierce market competition and realize the value of the transformation.
