Sanjiang Shopping to Withdraw from Cooperation Deal with Alibaba's Hema Fresh

MT Newswires Live

08/06

Sanjiang Shopping Club (SHA:601116) will no longer renew its business cooperation agreement with Alibaba's (HKG:9988) Hema Fresh supermarket chain, according to a Wednesday filing with the Shanghai bourse.

The company cited the "current market environment and Hema's overall strategic development plan" as reasons for the non-renewal.

The agreement, set to expire March 31, 2026, authorizes Sanjiang Shopping Club to use Hema Fresh's model, the filing said.

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