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Bloomberg Markets and Finance published this video item, entitled “China Grocery Tycoon Weighs Twin IPOs, Market Consolidation” – below is their description.
Jun.06 — In 2018, Zhang Wenzhong was cleared by China’s top court of financial misconduct charges after earlier spending more than half a decade in prison. Three years later, the Chinese tycoon has revived the supermarket business he founded, and is about to launch two initial public offerings — one in Hong Kong and the other in the U.S. Zhang discussed his ambition to become China’s answer to Walmart Inc. in an exclusive interview with Bloomberg’s Tom Mackenzie.Bloomberg Markets and Finance YouTube Channel
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In This Story: China
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In This Story: Hong Kong
Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.