BUSINESS

Sun Art Retail CEO Vanishes After Two Months on the Job

Published: Feb. 4, 2026 4:08 p.m. GMT+8

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Li Weiping.

Sun Art Retail Group Ltd. said it has not been able to get in touch with its CEO Li Weiping, who took the helm two months ago, adding to the uncertainty surrounding the struggling supermarket chain.

The Hong Kong-listed owner of RT-Mart said in a filing Wednesday that Li’s unavailability is unrelated to its business or operations, which remain normal. Chairman Julian Juul Wolhardt, who is also a co-founder of DCP Capital, will temporarily oversee its daily management, the company said.

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Sun Art Retail’s CEO Li Weiping, appointed in December 2025, is unreachable; Chairman Julian Juul Wolhardt is managing daily operations.
Alibaba sold its 79% stake in Sun Art to DCP Capital for HK$13.1 billion ($1.7 billion) in early 2025, followed by leadership and board changes.
Sun Art faces financial struggles, reporting a 1.6 billion yuan ($230 million) loss in fiscal 2024, and is implementing operational revamps to address competition.

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Who’s Who

Sun Art Retail Group Ltd.: Sun Art Retail Group Ltd. (高鑫零售), owner of RT-Mart, is facing uncertainty after its new CEO, Li Weiping, became unreachable. Li, who joined in December 2025, previously worked at Alibaba's Freshippo. The company, which is struggling financially amidst a competitive retail sector, is now temporarily overseen by Chairman Julian Juul Wolhardt.

RT-Mart: RT-Mart is a supermarket chain owned by Sun Art Retail Group Ltd. It faces significant challenges, including declining traditional hypermarket relevance and weak consumer sentiment. After Alibaba sold its stake to DCP Capital in early 2025, RT-Mart underwent a boardroom overhaul and is attempting to revamp its supply chain, diversify store formats, and remodel physical locations to compete with rivals.

DCP Capital: DCP Capital is a private equity firm that acquired a 79% stake in Sun Art Retail Group from Alibaba for HK$13.1 billion ($1.7 billion) in early 2025. Following the acquisition, DCP executives replaced previous board members, and its co-founder Julian Juul Wolhardt currently serves as Chairman of Sun Art, temporarily overseeing daily management. Under DCP's ownership, Sun Art is undertaking various reforms to revitalize its business.

Alibaba: Alibaba previously owned approximately 79% of Sun Art Retail Group, a stake it sold to DCP Capital for HK$13.1 billion ($1.7 billion) in early 2025. Li Weiping, Sun Art's CEO, notably worked for seven years at Alibaba's grocery arm, Freshippo, before joining Sun Art.

Freshippo: Freshippo is Alibaba's grocery arm, where Li Weiping, the missing CEO of Sun Art Retail Group, previously held senior roles. Li spent seven years at Freshippo, serving as general manager for its Beijing business and chief merchandising officer before leaving in November 2025. Sun Art Retail Group is currently undertaking remodels to better compete with rivals like Freshippo.

Sam's Club: Sam's Club is mentioned as a competitor to Sun Art Retail Group Ltd. Sun Art is remodeling 200 stores to better compete with rivals like Sam's Club and Freshippo.

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What Happened When

Fiscal 2024：: Sun Art posted a loss of 1.6 billion yuan ($230 million).

Early 2025：: Alibaba completed the sale of its roughly 79% stake in Sun Art to DCP Capital.

Early 2025：: Ownership change triggered a boardroom overhaul; RT-Mart founder Huang Mingduan and Alibaba representatives stepped down and were replaced by DCP executives. DCP also replaced the auditor and amended the employee benefit trust plan.

Fiscal 2025：: Sun Art briefly turned a profit.

November 2025：: Li Weiping left Freshippo, where she worked in the president’s office.

December 1, 2025：: Li Weiping became executive director and CEO of Sun Art Retail Group, succeeding Shen Hui.

First half of fiscal 2026：: Sun Art slid back into the red (financial loss).

February 4, 2026：: Sun Art announced it has not been able to contact CEO Li Weiping, who had been CEO for two months. It was stated her unavailability is unrelated to business operations and Chairman Julian Juul Wolhardt will temporarily oversee daily management.

AI generated, for reference only