Best Mart 360

Best Mart 360
Company typePublic
SEHK: 2360
IndustryFood retailing
Founded2013; 11 years ago (2013)
Headquarters14/F, SML Tower
165 Hoi Bun Road
Kwun Tong, Kowloon
Hong Kong
Number of locations
167 stores in 3 regions[1][2]
  • Hong Kong: 159
  • Macau: 7
  • China: 1
 (2023)
Area served
Hong Kong
Macau
Key people
Hui Chi Kwan,[3] CEO
Lin Tsz Fung [zh][3]
Hui Ngai-fan[1]
Number of employees
723 (2019)
Websitebestmart360.com
Best Mart 360
Traditional Chinese優品360
Simplified Chinese优品360
Literal meaningExcellent Product 360
Transcriptions
Standard Mandarin
Hanyu PinyinYōu Pǐn 360
Yue: Cantonese
Jyutpingjau1 ban2 360

Best Mart 360 (Chinese: 優品360) is a chain store in Hong Kong selling snacks and non-perishable groceries. At December 2023, the company operated 167 stores.[2]

Best Mart 360 was founded in 2013 by Lin Tsz Fung [zh], Hui Chi-kwan and Hui Ngai-fan,[1] with its first store in Sheung Shui. It initially targeted tourists, though it refocused to Hong Kong residents following a decline in tourists visiting Hong Kong in 2016. Its main direct competitor is 759 Store.[4] The company was listed on the Hong Kong Stock Exchange in January 2019.[5] In 2023, China Merchants Hoi Tung Trading, wholly owned by Mainland state-owned enterprise China Merchants Group, took a 49% stake in the company.

Hui Chi-kwan has been CEO of the company since 2015.[1]

The Securities and Futures Commission completed an enquiry into the ownership of Best Mart 360 in June 2019, finding that the company's shareholding was highly concentrated. As at 23 May 2019, the top 20 shareholders held 95.77% of the company's shares, of which 75% were held by controlling shareholder Long Ease Holdings Limited, a company 50% owned by Lin Tsz Fung. The SFC warned shareholders to exercise extreme caution when dealing in the shares of the company, noting that the share price could fluctuate substantially on trading in even a small number of shares.[6]

Best Mart 360 was one of the main targets to be vandalised during 2019–2020 Hong Kong protests because it was accused of having ties to "Fujian gangs" that clashed with anti-government demonstrators.[7] In response, the company announced a plan to shift focus to Mainland Chinese market to reduce dependence on Hong Kong market, including the opening of 15 to 20 stores in Macau within two years, while denying that the company had any connection with Fujian gangs.[8] Despite the damage caused by the demonstrators, the company decided to keep operating the 72 affected stores (out of total 102 stores in Hong Kong).[9]

The first store in Macau opened in December 2019, and by the end of 2023 the company operated a total of seven stores in the enclave.[10][2]

In August 2024, CEO Hui Chi-kwan was arrested by the Independent Commission Against Corruption (ICAC) under the Prevention of Bribery Ordinance.[1]

References

  1. ^ a b c d e "Trading of Best Mart 360 shares resumes on Hong Kong stock exchange after arrest of CEO". SCMP. 2024-08-19.
  2. ^ a b c Best Mart 360 Annual Report 2023, p15, issued Apr 2024
  3. ^ a b "Annual Report 2018/2019" (PDF). Best Mart 360 Holdings Limited. 2019.
  4. ^ 許, 世豪; 林, 樂謙 (1 January 2019). "【優品360上市】吸金勁過阿信屋 4大「對決」拆解優品彈起原因" (PDF). HK01. Archived from the original on 27 January 2019. Retrieved 2019-01-26.
  5. ^ 蕭, 嘉聰 (28 December 2018). "優品360跨年招股2424元入場 林子峰：未來4年開76間分店". Ming Pao. Archived from the original on 26 January 2019. Retrieved 2019-01-26.
  6. ^ "High Concentration of Shareholding in Best Mart 360 Holdings Limited (Stock Code: 02360)" (PDF). Securities and Futures Commission. 5 June 2019. Archived (PDF) from the original on 3 October 2019. Retrieved 4 October 2019.
  7. ^ "Dozens of Best Mart 360 shops vandalised in protests, company reveals". South China Morning Post. October 17, 2019. Archived from the original on October 17, 2019. Retrieved October 20, 2019.
  8. ^ Lam, Ka-sing (28 November 2019). "Best Mart 360 shuns 'war zone' Hong Kong for mainland China in growth plan after protesters trash 75 of its 102 stores". South China Morning Post. Hong Kong. Retrieved 10 February 2020.
  9. ^ Jim, Clare (18 November 2019). "Hong Kong's Best Mart 360 to keep stores open despite attacks". The Star. Malaysia. Retrieved 10 February 2020.
  10. ^ Ka-sing, Lam (17 December 2019). "Hong Kong-listed chain Best Mart 360, which had 75 stores trashed during protests, opens in Macau". South China Morning Post. Hong Kong. Retrieved 10 February 2020.
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