Trading Shares of Best Mart 360 Resumes Following Arrest of CEO for Bribery Allegations

Monday, 19 August 2024, 05:13

Shares of Best Mart 360 have resumed trading on the Hong Kong exchange after the CEO's arrest for bribery. On Sunday, the company confirmed that CEO Hui Chi-kwan was arrested by the ICAC. Despite the brief suspension, operations are reported to remain normal.

South China Morning Post — Trading Shares of Best Mart 360 Resumes Following Arrest of CEO for Bribery Allegations

Resumption of Trading Following CEO's Arrest

Trading of shares of Best Mart 360 Holdings Limited has resumed on the Hong Kong exchange as of Monday, following the CEO's arrest for bribery allegations. The CEO, Hui Chi-kwan, was taken into custody by the Independent Commission Against Corruption (ICAC) on August 15.

In a statement released on Sunday night, Best Mart 360 clarified that no charges have been laid against Hui, who has held the CEO position since April 2015. Group chairman Li Guanpeng stated that the incident is not related to the group and that operations have continued as normal.

Details of the Incident

Trading was initially suspended on Friday, but resumed after a successful application to the Hong Kong Exchanges and Clearing. The company, founded in 2013 by Lin Tsz-fung, operates 167 stores primarily in Hong Kong and also has locations in Macau and mainland China.

Last year, China Merchants Hoi Tung Trading acquired 49% of the company’s issued shares, indicating strong investment ties to one of China’s largest state-owned conglomerates, China Merchants Group.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.