Yuan Yafei, member of the CPPCC and Chairman of Sanpower Group, said in the third panel discussion of the 12th National Committee, that without the implementation of decentralisation, Sanpower wouldn't have completed the acquisition of the UK's time-honoured retail department store House of Fraser (HOF) within only 3 months. As an entrepreneur, he is the beneficiary of such a policy. He also disclosed that HOF will enter Hong Kong in the form of a joint venture by the end of next year.

HOF, which boasts a 166-year history, is one of the oldest department stores authorised by the UK royal family. Sanpower bought 89% of its shares in only 3 months, which is the largest amount of overseas acquisitions ever in China's A-share listed companies, as well as China's largest overseas retail investment. As regards this Yuan Yafei commented, "Before the implementation of decentralisation, the approval process endured at least half a year, or even more than one year. I am the beneficiary of decentralisation. ”

The UK's time-honoured department store will enter Hong Kong next year

"We happened to come upon the CSRC's decision that we only need to submit for filing instead of for approval.” He said that it had merely taken over 1 month to go through the whole approval from the provincial Development and Reform Commission, Ministry of Commerce, CSRC to State Administration of Foreign Exchange, which was barely imaginable in the past. That's why the deal had been quickly completed. "As far as we know, the approval by the Chinese Government is rather time-consuming, but it never occurred to us that it has been settled so quickly now.” So was the comment of Prince William of the UK when he met Yuan on March 3rd.

Yuan Yafei said that decentralisation and reform have brought a lot of bonuses, stimulating the enthusiasm of enterprises, so that many are ready to further expand their sizes. He told Ta Kung Pao, "The e-commerce of HOF is faring fairly well, with online and offline businesses run synergically. Currently Hong Kong people are already to talk about co-operation. HOF will enter Hong Kong in the form of a joint venture by the end of next year. ”