LET Group sells Chinese mall business at a loss

LET Group has sold a mainland China mall business as part of its efforts to reallocate resources.

China.- LET Group Holdings has concluded the sale of its mainland Chinese mall operator Dongyang Xinguang Pacific Industrial for RMB 20m (US$2.8m). The transaction closed on October 18, according to LET Group’s filing.

This decision, resulting in a financial loss, was seen as a necessary step to channel resources toward the development of existing ventures. The mall operator has been making a loss since May 2022 and faced tough competition.

LET Group Holdings share price fell amid the original announcement of the sale. In response to the drop in the stock price, LET Group’s chairman, Andrew Lo Kai Bong, purchased over 10 million shares at a price of HK$0.0429 per share.