Best Mart 360 chief executive is held on suspicion of bribery

Staff reporter and Bloomberg

Best Mart 360 (2360) said yesterday its chief executive Hui Chi-kwan was arrested by the Independent Commission Against Corruption on suspicion of bribery though the snack chain believes the incident is not related to the group.

No charge has been laid against Hui so far, Best Mart said in a filing to the Hong Kong bourse yesterday.

Based on the information currently available, Best Mart said the arrest has no material adverse impact on the group and its business and operations remain normal, according to the filing.

The company has applied to resume trading today, it added.

Cofounded by Fujianese Lin Tsz-fung, Hui and Hui's sister Hui Ngai-fan in 2013 and listed in the city in 2019, Best Mart operates chain retail stores under the brands "Best Mart 360" and "FoodVille" in Hong Kong, Macau, and the mainland.

It runs a total of 167 stores, with 159 in Hong Kong, seven in Macau, and one in the mainland, according to its latest fiscal results.

Hui Chi-kwan, 46, has been the group's chief executive since April 2015.

Best Mart was targeted during the 2019 social unrest in the city as some protesters believe that the company has ties to pro-Beijing gangs from Fujian, an accusation it denies.

Some Fujian natives allegedly attacked protesters with poles during a march in North Point at the height of the unrest, an incident that catalyzed the grudge against Best Mart.

In 2023, state-owned conglomerate China Merchants Group acquired a 49 percent stake in Best Mart at HK$862 million, which translates to HK$1.76 apiece, a nearly 30 percent discount compared to its previous close.

Following the acquisition, the stakes of Lin and Hui Ngai-fan in the company fell to 13 percent each.