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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Tencent Holdings Ltd    0700   KYG875721634

TENCENT HOLDINGS LTD

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Carrefour considers sale of stake in China business - sources

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05/20/2019 | 05:49am EDT
FILE PHOTO: A Carrefour logo is seen on a Carrefour Hypermarket store in Toulouse

(This May 17 story was refiled to fix dateline)

Carrefour's China business is valued at around $1 billion (£784 million) and the retailer is working with BNP Paribas on the deal, the sources said.

They also said the French company is waiting to see the outcome of an auction for German retail group Metro's China operations to assess the level of interest.

A Carrefour spokeswoman said on Friday: "There is nothing particularly new to say about the matter", when asked about China.

Last week, a Carrefour spokeswoman had said a sale of the business in China was not on the agenda, in answer to market rumours that had sent the shares higher.

BNP Paribas had no immediate comment.

Carrefour, which has been in China since 1995, has spent years trying to fix a business where 2018 sales fell 5.9% on like-for-like basis to 4.1 billion euros, amid fierce competition from local players and a buoyant online market.

In January 2018, Carrefour announced a partnership with Tencent, which led to the opening of a high-tech store in Shanghai.

Carrefour also said at the time that Tencent and Yonghui, a retailer specialised in fresh food and small formats, could take a stake Carrefour China.

This investment has yet to be finalised.

The Tencent partnership was the latest step in Carrefour's attempts to stem a decline in sales in China where its main focus is large hypermarkets.

Carrefour has been expanding into e-commerce and convenience stores in China and has modernised its hypermarket ranges with more fresh products and opened logistics centres to cut costs.

Recently Carrefour reallocated space in its Chinese hypermarkets through a partnership with Chinese electronics retailer Gome for 11 shop-in-shops.

Carrefour's rivals in China have also faced problems with their businesses there.

In 2013, Britain's Tesco gave up on going it alone in China, folding its business there into a state run company as a minority partner.

In 2016, Wal-Mart sold its Chinese online grocery store in return for a stake in JD.com, China's No. 2 e-commerce firm.

Last year, Alibaba bought a stake in Sun Art, China’s top hypermarket operator, in which French retailer Auchan is the main shareholder.

(Reporting by Kane Wu in Hong Kong, Arno Schuetze in Frankfurt, Dominique Vidalon in Paris. Additional reporting by Inti Landauro in Paris. Editing by Jane Merriman)

Stocks treated in this article : BNP Paribas, Carrefour, Tencent Holdings Ltd, Tesco, Metro
Stocks mentioned in the article
ChangeLast1st jan.
BNP PARIBAS -0.58% 40.86 Real-time Quote.3.51%
CARREFOUR -0.81% 17.11 Real-time Quote.14.76%
METRO 1.31% 15.065 Delayed Quote.12.47%
TENCENT HOLDINGS LTD -1.26% 330 End-of-day quote.4.83%
TESCO -2.22% 224.4 Delayed Quote.18.04%
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Financials (CNY)
Sales 2019 397 B
EBIT 2019 120 B
Net income 2019 93 703 M
Finance 2019 72 679 M
Yield 2019 0,35%
P/E ratio 2019 29,77
P/E ratio 2020 24,33
EV / Sales 2019 6,79x
EV / Sales 2020 5,19x
Capitalization 2 771 B
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Number of Analysts 47
Average target price 373  CNY
Spread / Average Target 28%
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