Thai supermarket chain Big C delays dual Hong Kong and Bangkok listing until 2024, when ‘economic activities will be better’, CEO says

Latest acquisition in Hong Kong will pave the way for cooperation with leading companies in the city and mainland China, CEO says during inauguration of Big C flagship store in Tsim Sha Tsui district

Big C operates about 2,000 stores in Thailand, Laos, Cambodia and Vietnam. Hong Kong is its first foray outside Southeast Asia

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Aswin Techajareonvikul, Big C Retail’s CEO and president, at the Thai supermarket chain operator’s flagship store in Tsim Sha Tsui on Tuesday. Photo: Yik Yeung-man

Published: 7:00pm, 26 Sep 2023

Big C Retail Corp, the supermarket chain operator owned by one of the richest families in Thailand, has delayed its plan to list in both its homeland and Hong Kong until next year, in anticipation of finding a better economic environment in 2024.

“This year, things are winding up and we have very high hopes for next year’s Thai economy, with the new administration,” Aswin Techajareonvikul, Big C Retail’s CEO and president, said at the opening ceremony of a Big C Supercenter flagship store in Hong Kong’s Tsim Sha Tsui district on Tuesday. “Next year’s economic activities will be better than this year.”

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

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

The Bangkok-headquartered retailer has acquired grocery chain AbouThai, which operates 24 outlets in Hong Kong. The group has rebranded these stores as Big C and aims to open 25 stores a year for a total of 99 outlets in the next three years. AbouThai founder Mike Lam King-nam was present for the opening ceremony.

Last month, Aswin told the Post in an interview that the group planned to have a dual listing in Hong Kong and Bangkok, and expected the flotation to take place as soon as the fourth quarter. But the final decision would depend on market conditions, he said at the time.

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