JD, following last month's rumored acquisition of Hong Kong-based Kai Bo Food Supermarket, has officially announced a press conference this Saturday (Aug. 16) to elaborate on the partnership. Key attendees will include Chai Yan, head of JD's Innovative Retail Supply Chain Operations, and Lam Hiu-ngai, founder and general manager of Kai Bo.
Reports indicate the acquisition includes a "transition period" clause, allowing Kaibo's founder, Lam Hiu-ngaai, and his team to manage operations for three years before JD finalizes its next steps.
Established in 1991, Kaibo currently operates 40+ stores across Hong Kong with over 1,000 employees, according to its website. However, Lam's recent sale of multiple properties has raised speculation about the company's cash flow, adding further interest to JD's involvement.
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