Trading of Best Mart 360 shares resumes on Hong Kong stock exchange after arrest of CEO
- Shares of the snack chain have resumed trading, after a brief suspension on Friday following CEO Hui Chi-kwan’s arrest for alleged bribery
A major Hong Kong snack chain’s shares resumed trading on Monday despite revelations that its chief executive officer had been arrested on suspicion of bribery, triggering a brief suspension to the counter.
So far, no charge has been laid against Hui, who has served as the group’s CEO since April 2015.
“Based on the information currently available to the board, we consider that the incident is not related to the group, the [arrest] has no material adverse impact to the group and the business and operations of the group remain normal,” group chairman Li Guanpeng said in the statement.
Best Mart 360 was founded by Lin Tsz-fung, Hui and Hui’s sister, Hui Ngai-fan, in 2013. It operates a chain of retail stores that sell food, drinks, household products and personal care items.