1. China’s Sun Art to invest 1 bln yuan in e-commerce development

China’s Sun Art to invest 1 bln yuan in e-commerce development

Hypermarket operator Sun Art Retail Group Ltd said on Thursday it plans to invest 1 billion yuan ($150.6 million) in e-commerce development over the next two years.

By: | Published: August 11, 2016 12:37 PM
Executive director Peter Huang, speaking at an earnings briefing, also said he expects the company's e-commerce business to break even in 2020-2021. (Source: Reuters) Executive director Peter Huang, speaking at an earnings briefing, also said he expects the company’s e-commerce business to break even in 2020-2021. (Source: Reuters)

Hypermarket operator Sun Art Retail Group Ltd said on Thursday it plans to invest 1 billion yuan ($150.6 million) in e-commerce development over the next two years.

Executive director Peter Huang, speaking at an earnings briefing, also said he expects the company’s e-commerce business to break even in 2020-2021.

Sun Art, which competes with China Resources and Wal-Mart Stores Inc on the mainland, posted a 2.7 percent decline in first-half profit as it faced intense competition from fast growing e-commerce platforms.

($1 = 6.6411 Chinese yuan)

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