SKP Beijing, China‘s top-grossing luxurious division retailer operator, is slated to promote round 42 to 45 % of the corporate to Boyu Capital, in response to a discover posted on the Beijing Municipal Bureau of Market Supervision and Administration’s web site.
In response to the discover, by way of its affiliated entities Boyu Capital’s fifth and largest U.S. dollar-denominated fund plans to accumulate a partial stake in SKP Beijing, or Beijing Hualian Division Retailer Co. Ltd. Following the transaction, the Boyu-affiliated entity will not directly maintain a 42 to 45 % fairness stake in Beijing SKP as a monetary investor. The discover, which was quietly revealed on April 30, will stay publicly out there till Friday.
The discover revealed that Radiance Funding Holdings Pte. Ltd. and Hualian Group personal 60 % and 40 % of SKP Beijing, respectively, earlier than the Boyu transaction.
After the transaction, Radiance Funding Holdings will proceed to not directly maintain a 42 to 45 % stake within the firm and retain management of the luxurious retailer, the discover mentioned. Radiance Funding Holdings will doubtless retain its immediately held 10 % stake within the firm, in response to SKP’s firm construction revealed by the search platform Tianyancha.
SKP Beijing’s operational and administration construction will stay unchanged, in response to the discover.
The luxurious division retailer was based in 2006 by Hualian Group and a person investor, in response to the discover. “The person is especially concerned in funding actions, whereas Hualian Group operates primarily within the home retail sector,” the discover mentioned.
In response to Tianyancha, SKP Beijing presently has three shareholders. Radiance Funding Holdings owns 60 % of the retailer, with 50 % of that stake held through Ruide Style (Beijing) Business & Buying and selling Co. Ltd., whereas Hualian Group owns the remaining 40 %.
The discover additionally disclosed Beijing SKP’s market share within the home division retailer market. In 2024, SKP Beijing’s market shares in Beijing, Xi’an, Chengdu and Wuhan have been round 10 to fifteen %, 15 to twenty %, 10 to fifteen % and 0 to five %, respectively.
The small print of the transaction with Boyu weren’t disclosed within the discover, nonetheless, earlier native media reviews put a $4 billion to $5 billion price ticket on the SKP enterprise.
SKP Beijing didn’t reply to a request for remark on the time of publication.
Boyu Capital is a Chinese language personal fairness agency based in 2011 by Louis Cheung, former chief monetary officer of Ping An Insurance coverage; Alvin Jiang, the grandson of China‘s former president Jiang Zemin; Mary Ma, a former accomplice at TPG Capital, and Sean Tong, previously of Common Atlantic. The agency shortly gained prominence by way of a collection of high-profile backings, together with from Alibaba, Xiaomi, JD.com and TikTok‘s dad or mum firm ByteDance.
Boyu operates each renminbi and U.S. dollar-denominated funds, which has helped international traders — comparable to Singapore’s state-owned Temasek Holdings, Hong Kong enterprise magnate Li Ka-shing and the New York State Widespread Retirement Fund — amongst others, entry to funding in China and the broader APAC area.
In 2021, its fifth U.S. greenback fund was established in Singapore and raised a document $6.8 billion, turning into the most important U.S. greenback fund working in China on the time, in response to native media reviews.
Radiance Funding Holdings was based in 2011 in Singapore; the entity, which primarily engages in funding actions, is managed by a personal particular person.
SKP Beijing, China’s largest and most efficient retailer in 2019, in response to press reviews on the time turned the world’s most worthwhile mall in 2020 after beating Harrods with annual gross sales of 17.7 billion renminbi, or round $2.46 billion.
In 2023, gross sales reached a document excessive of 26.5 billion renminbi, or $3.68 billion, in income. Nevertheless, amid ongoing macroeconomic challenges which have dampened client confidence and with journey retail making a comeback, gross sales at SKP reportedly dropped 17 % year-over-year to 22 billion renminbi, or $3.06 billion, in 2024.
In response to native media reviews, within the first quarter of 2025, gross sales at SKP Beijing rose 18 % year-over-year.
Other than its Beijing flagship, Beijing SKP operates three different branches, together with Xi’an SKP, Chengdu SKP and Wuhan SKP. Future initiatives in Guangzhou and Hangzhou are within the works.
