“We all believe in Hong Kong’s prospects and growth potential,” he said. “Even though there were some challenges during Covid-19, Hong Kong can bounce back quickly. Hong Kong is a leading financial hub in Asia linking Southeast Asian markets with mainland China.”

Hong Kong is Big C’s first foray outside Southeast Asia, taking on some the city’s retailers including Wellcome and ParknShop. The retailer is part of billionaire Charoen Sirivadhanabhakdi’s business empire, which includes Thai Beverage, the nation’s largest brewer and maker of Chang beer. Aswin is Charoen’s youngest son-in-law.

Big C operates about 2,000 retail stores under the Big C Supercenter, Big C Market, Big C Foodplace and Mini Big C brands in its home market of Thailand, Laos, Cambodia and Vietnam.

Big C, which did not disclose the acquisition price for AbouThai, will invest HK$158 million (US$20.2 million) in the next three years to open 25 stores a year for a total of 99 stores by the end of 2026 and hire more than 500 additional staff, Aswin said.

“Ninety-nine is a lucky number, which means longevity in Chinese culture,” he said. “We also have a very long-term vision in Hong Kong, which is to turn Big C into the best premium Thai supermarket.”

Big C Supercenter was founded in 1993 by Thai retail conglomerate Central Group and listed on the Stock Exchange of Thailand (SET) in 2012. It was delisted in 2017, a year after it was taken over by trading house Berli Jucker, owned by the Sirivadhanabhakdi family, for over US$6 billion. Berli Jucker’s sales rose 3.4 per cent in the second quarter to 39.4 billion baht (US$1.1 billion).

Aswin said the group plans to have a dual listing in Hong Kong and Bangkok. Earlier this year it filed an application with SET to list Big C Retail Corp (BRC), the holding company of the Big C Supercenter. It is exploring a listing application in Hong Kong, he added.

02:53

Top young Thai chefs create buzz in Bangkok’s fine dining scene

Top young Thai chefs create buzz in Bangkok’s fine dining scene

He expects the listings to take place as soon as the fourth quarter, but the final decision will depend on market conditions. Aswin declined to comment on the fundraising, but analysts expect the firm to raise as much as US$1 billion.

“A listing in Hong Kong will pave the way for future opportunities to cooperate with other leading companies listed in the city,” Aswin said. “Hong Kong’s active trading volumes and exposure to Chinese and global investors make it an ideal location for BRC to list outside our home market.”

The China Securities Regulatory Commission in March added international firms listed in Hong Kong to the southbound Stock Connect for mainland Chinese investors to trade.

Aswin said the plan to list in the city was largely because of the active marketing efforts of the Hong Kong government and the HKEX.

“Last year, when Chief Executive John Lee came to Thailand for the Apec meeting, he held a dinner meeting with a few Thai business executives, where a Hong Kong stock exchange representative invited us to list our company in Hong Kong,” he said. “Which is why we explored opportunities to list here.”

Big C’s listing will be a huge achievement for Aguzin, a former JPMorgan banker who has helmed the HKEX since 2021, as he has been keen on attracting international companies. Towards that end, Aguzin has overseen the opening of HKEX offices in New York and London and has also visited the Middle East and Southeast Asia to market the city.

The listing will also boost Big C’s links with mainland China, whose outlets are widely visited by Chinese tourists in Thailand, Aswin said.

“Both my father-in-law and I are of Chinese origin,” Aswin said. “We speak Chinese at home; all my three children speak Putonghua. We always travel to Hong Kong for good food and visit the Wong Tai Sin Temple. It is happy memories in Hong Kong.”