A swift reversal occurred as denial turned into confirmation within a single day. On February 4, Sun Art Retail, the parent company of hypermarket chain RT-Mart, announced that it has temporarily lost contact with its Executive Director and Chief Executive Officer (CEO), Li Weiping. To ensure the stability and continuity of the company's operations, the relevant management duties are currently being overseen by Sun Art Retail's Board Chairman, Hua Yuneng.
The news sent shockwaves through the market, especially since just one day prior, rumors had surfaced that Li Weiping was taken away by police for questioning and had been absent from the company since last Friday. In response to these rumors, RT-Mart had stated they were "false and that the police had been notified." Merely a day later, the company officially confirmed Li Weiping's disappearance, constituting a direct and embarrassing contradiction.
It is noteworthy that Li Weiping had only officially assumed the role of CEO at Sun Art Retail on December 1 of last year, meaning she had been in the position for a mere two months. Li is a seasoned veteran in the retail industry, with 26 years of deep experience and extensive management expertise. Prior to joining Sun Art Retail, she spent over seven years at Freshippo (Hema), serving successively as General Manager of Freshippo's North China/Beijing region, CEO of Freshippo, and Chief Merchandising Officer of Freshippo, leading teams from regional turnaround to profitability and eventually overseeing national business formats. Before her departure, she was also a member of the Freshippo President's Office.
When Li Weiping joined Sun Art Retail, she was widely seen as a beacon of hope, regarded as a "turnaround specialist" brought in to rescue the company. In early 2025, Alibaba completed the sale of its controlling stake in Sun Art Retail, transferring its 78.7% ownership for approximately HK$13.138 billion, with DCP Capital ultimately taking over and gaining actual control of Sun Art Retail.
Shortly after DCP Capital took the helm, Sun Art Retail reported a half-year financial statement showing a shift from profit to loss. For the period ended September 30, 2025, Sun Art Retail generated revenue of RMB 30.502 billion, a decrease of 12.1% year-over-year; the loss attributable to equity shareholders was RMB 123 million, compared to a profit of RMB 206 million in the same period last year.
Furthermore, the RT-Mart store network has aged significantly. As of September 2025, the company operated 462 hypermarkets, 32 mid-sized supermarkets, and 7 M Membership stores. Compared to the end of March, the numbers of both hypermarkets and mid-sized supermarkets had contracted. Additionally, years of strategic vacillation—shifting from traditional retail to new retail and then back to traditional efficiency models—have left its internal operational systems rigid and utterly exhausted.
This was the challenging situation, or "mess," that DCP Capital inherited upon taking control. Compounded by the impact of the performance loss, DCP Capital was determined to overhaul the management, leading them to recruit Li Weiping. Sun Art Retail offered Li Weiping a compensation package consisting of a "fixed salary of RMB 3.36 million plus a management bonus (performance-based)," tied to a three-year service agreement.
While this package appeared reasonably substantial, it paled in comparison to that of her predecessor, Shen Hui, whose total remuneration for the 2025 fiscal year reached a hefty RMB 10.39 million, which included share-based payments of RMB 6.518 million. Li Weiping's fixed annual salary was less than one-third of her predecessor's total package and was entirely contingent on a three-year performance review, indicating not just different treatment from a different owner but also the exceptionally high expectations placed upon her by the new leadership.
Beyond the new CEO, the original Non-Executive Director and member of the Nomination Committee, Wang Guannan, also resigned on January 6, citing reassignment by the controlling shareholder. His position was assumed by DCP Capital's Senior Director, Liu Hao.
As a new leader eager to make her mark, the "turnaround specialist" Li Weiping moved quickly after taking office. In late January, she spearheaded the opening of a new-format RT-Mart Super store in Shandong, emphasizing a "smaller and more refined" approach alongside instant delivery services. However, scarcely after this first initiative had begun, the official who lit the fire has suddenly vanished.
As of now, no information has emerged in the market regarding the reasons behind Li Weiping's disappearance. Regardless of the cause, her vanishing act casts a further shadow over Sun Art Retail's already uncertain transformation journey. Paradoxically, however, the company's stock price actually rose on this news. At the close of trading on February 4, Sun Art Retail's share price stood at HK$1.600 per share, marking a 3.23% increase. The stock had even risen 2.65% on February 3. Sun Art Retail's current total market capitalization is HK$15.265 billion.