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JD.com denies acquiring majority stake in Hong Kong’s Kai Bo
JD.com has denied reports that it acquired a 70% stake in Hong Kong-based Kai Bo Food Supermarket for HK$4 billion (US$509 million), calling the claims “significantly deviating from the facts.”
Founded in 1991, Kai Bo operates about 90 outlets in Hong Kong and employs over 1,000 people, according to its website.
JD.com has experience in the grocery sector, operating its 7Fresh chain in mainland China, which leverages the company’s logistics and supply chain capabilities.
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