A long-standing retail enterprise in Shenzhen, Renren Le, once known as one of the “Big Three Supermarkets in Guangdong” alongside Walmart and Carrefour, has recently been officially delisted after several close calls with being delisted, bidding farewell to the capital market.
Established in 1996, Renren Le gradually expanded regionally, setting up four operational regions in South China, Northwest, Southwest, and North China, with branches covering dozens of major cities, achieving cross-regional chain operation and ranking among China’s top 100 chain stores.
Renren Le went public on the Shenzhen Stock Exchange in 2010, becoming the “number one privately-run supermarket stock.” The initial offering price was 26.98 yuan per share. On the first day of listing, Renren Le’s closing market value was approximately 13.052 billion yuan. With 150 stores nationwide, the annual revenue exceeded tens of billions, and the financial data indicated that in 2012, Renren Le reached its peak with an operating income of 12.9 billion yuan.
According to the prospectus, Renren Le’s store numbers in certain cities in China had exceeded major competitors like Carrefour, Walmart, and CR Vanguard at one point.
Various mainland media reported that Lee Chengjie, former COO of Walmart, once publicly stated, “The only company in China that can compete face-to-face with Walmart and continue to grow is Renren Le.”
As of 2025, Renren Le’s market value at closing never surpassed 3 billion yuan. On the evening of July 3, Renren Le announced that the Shenzhen Stock Exchange had decided to delist Renren Le Chain Business Group Co., Ltd. The company’s stock had entered the delisting consolidation period on June 13, 2025, and after 15 trading days during this period, the final trading date was July 3, 2025, with the delisting on July 4, 2025.
As of the closing on July 3, Renren Le’s stock price stood at 0.36 yuan per share.
Facing losses since 2012, Renren Le struggled to break free from the mire of deficits for many years, citing challenges such as rising costs, intensified industry competition, and the impact of e-commerce.
This veteran supermarket enterprise had teetered on the brink of delisting multiple times. In 2014 and 2015, Renren Le incurred losses of 461 million yuan and 475 million yuan respectively, facing delisting risks in 2016. With consecutive net losses in 2017 and 2018, the company faced setbacks again. On April 22, 2024, Renren Le was put under “delisting risk warning” and “other risk warnings,” with the stock abbreviation changed from “Renren Le” to “*ST Renren Le.”
The announcement showed that by the end of 2024, Renren Le had 32 stores, all of which were directly operated. In 2024, the company opened one new store, closed 45 stores, and transferred ownership of 15 stores.
According to prior performance forecasts released by Renren Le, the company was expected to achieve a profit of 410 million to 460 million yuan in 2024. However, after the annual report was released, the profit drastically changed from an anticipated profit of over 400 million yuan to a loss exceeding 17 million yuan. Consequently, Renren Le had suffered four consecutive years of losses.
Renren Le’s first-quarter report for 2025 indicated an operating income of 129 million yuan, a decrease of 77.81% year-on-year, and a net loss attributable to parent company shareholders of 79.617 million yuan, compared to a loss of 132 million yuan in the same period last year.
Renren Le is a state-owned holding company, with the Xi’an Qujiang New District Management Committee being its largest shareholder.
Amid the uncertainties surrounding Renren Le’s future, the company announced the resignation of its chairman on the evening of March 19, due to health reasons. The resignation of Hou Yankui, the chairman of the sixth board of directors of the company, led to speculations about his potential motives for evading legal responsibilities while continuing to perform duties until a successor was appointed.
Hou Yankui, a key executive from the Qujiang Group, which holds significant shares in Renren Le, has a strong investment background and took on the role of Renren Le’s chairman in August 2023. Since the Xi’an Qujiang Cultural Tourism Investment became the major shareholder of Renren Le in 2019, the chairman position has changed thrice, with an average tenure of less than two years.
Due to delayed payments, Renren Le and its subsidiaries were sued by multiple suppliers, leading to the freezing of the main bank accounts of the company and its subsidiaries. Between November and December 2024, the company sold off 13 affiliated subsidiaries to resolve a series of lawsuits related to payments and rents. From December 2024 to March 2025, the company signed debt restructuring agreements with some suppliers to unfreeze accounts and funds.
As of April 26, 2025, the total amount frozen in the above accounts reached 78.2018 million yuan, rendering Renren Le unable to access the funds in those accounts.
According to a report by Beijing News’ financial segment, economist Yu Fenghui explained that Renren Le made several erroneous decisions during its development, such as over-expansion while neglecting the profitability of individual stores and management efficiency, leading to financial strains. The company also failed to timely adapt to the trends in e-commerce and new retail models, missed opportunities for transformation, and lacked innovation in product management and customer experience, failing to meet the demands of modern consumers, among other factors. The combined effects of these factors gradually eroded Renren Le’s competitive edge in the fierce market competition, ultimately leading to its delisting.
Yu Fenghui analyzed that the delisting would have various negative impacts on Renren Le, including reduced financing capability, brand value erosion, lowered staff morale, and potential changes in partner relationships.