On March 8, Sun Art Retail Group, the parent company of RT-Mart, announced that its chairman Hu Yuneng has been appointed Chief Executive Officer and has been redesignated from a non-executive director to an executive director. Meanwhile, former CEO Li Weiping has been formally dismissed after being unreachable for an extended period without leave and therefore unable to perform his duties. He will no longer serve as the company’s CEO or authorized representative, though he remains an employee of the group. The changes took effect immediately on the same day
Li Weiping joined Sun Art Retail on December 1, 2025, as executive director and CEO, meaning his dismissal came just over three months after taking the role. In early February this year, rumors circulated that Li had been taken away by police to assist with an investigation. Sun Art Retail initially denied the reports but announced on February 4 that it had been unable to reach him.
Hu Yuneng, who has now taken over as CEO, is 52 years old and has served as a director and chairman of Sun Art Retail since March 2025. According to his résumé, he is the co-founder and CEO of DCP Capital. He previously worked at KKR Asia Limited as a partner responsible for Greater China operations, and also held positions at Morgan Stanley’s private equity division and the mergers and acquisitions department of Lazard Freres & Co.. He brings extensive experience in capital operations and corporate management.
The announcement stated that Hu will serve concurrently as chairman of the board and CEO, and will not receive any remuneration while acting as CEO and executive director. Given his extensive management experience and familiarity with the group’s operations, the board believes that having the same person serve as both chairman and CEO will help ensure unified leadership within the group and enable more effective and efficient overall strategic planning.
At present, Sun Art Retail and its flagship brand RT-Mart are undergoing a critical transformation. According to previously released interim results for the six months ended September 30, 2025, the group reported revenue of RMB 30.502 billion, down 12.12% year-on-year. Net loss attributable to shareholders reached RMB 123 million, compared with a net profit of RMB 206 million in the same period last year, marking a shift from profit to loss.
