Taiwan’s Hon Hai to boost China retail business – WSJ

TAIPEI, Aug 24 (BestGrowthStock) – Taiwan’s Hon Hai Precision
Industry Co KLtd (2317.TW: ) plans to expand its retail business in
China by opening at least 10 large electronics stores in the
Shanghai area, according to the Wall Street Journal.

Hon Hai plans to start opening the new stores later this year
under a partnership initiated last year with German retailer
Metro AG, the newspaper quoted Louis Woo, in charge of the
company’s retail push, in an interview published on Tuesday.

Hon Hai also plans to open 45-50 branches of Cybermart, a
small retail chain it bought a decade ago, the report said,
adding that Cybermart operated 34 stores in 20 Chinese cities.

A Hon Hai spokesman declined to comment.

The retail push by Hon Hai, which makes personal computers
and mobile phones for global brands such as Hewlett-Packard Co
(HPQ.N: ) and Apple Inc (Read more about Apple stock future.) (APPL.O: ), came as the Taiwan company faced
challenges in its core manufacturing business after years of
rapid growth, the newspaper said.

By 0254 GMT, Hon Hai shares were down 1.1 percent, while the
main TAIEX share index (.TWII: ) had edged up 0.12 percent.
(US$1=T$32)
(Reporting by Baker Li; Editing by Chris Lewis)

Taiwan’s Hon Hai to boost China retail business – WSJ