Ricky Wong Targets HKTVmall Market Share Growth Amid Supermarket Mergers and Price Wars

Ricky Wong, the head of HKTVmall, has announced a strategic objective to expand the company’s market share to 20%, utilizing aggressive price reductions to counter potential consolidation among Hong Kong’s dominant supermarket chains.

Speaking on May 16, 2026, Wong indicated that the push for increased market share is a necessary response to the current competitive environment. He stated that HKTVmall aims to double its existing market presence to ensure a competitive balance in the retail sector.

The strategy involves significant price cuts intended to attract a larger consumer base and secure a more substantial foothold in the market. Wong described this approach as a necessity, asserting that he had no choice but to engage in these price wars to protect the company’s position and the interests of consumers.

Wong’s urgency is tied to allegations of impending mergers between the city’s largest traditional grocery retailers. He claimed that Wellcome and ParknShop have already engaged mergers and acquisitions (M&A) teams to facilitate a merger between the two entities.

According to Wong, this consolidation is likely to be finalized by the end of 2026. He warned that if the market were to be left with only one remaining large-scale supermarket entity, the resulting lack of competition would make all Hong Kong residents losers.

The executive framed HKTVmall’s growth ambitions as an anti-monopoly measure. By increasing its market share to 20%, Wong believes the company can serve as a critical check against the pricing power and market dominance of a merged supermarket giant.

However, this strategy of sustained discounting has drawn criticism from economic observers. Some economists have cautioned that continuous price reductions are unsustainable, suggesting that the practice is akin to burning through capital without a long-term viable path to profitability.

The tension in the retail sector was further highlighted on May 16, 2026, when Wong reportedly accidentally disclosed real-time sales figures for HKTVmall. While the specific figures were the subject of immediate financial news coverage, the slip occurred amidst his broader commentary on the company’s aggressive growth tactics.

The conflict underscores a broader struggle between traditional brick-and-mortar retail giants and e-commerce platforms in Hong Kong. While Wellcome and ParknShop have historically dominated the physical landscape, HKTVmall’s attempt to scale its operations rapidly represents a direct challenge to that established order.

Wong’s public warnings regarding the M&A activity of his competitors suggest a high level of volatility in the sector as the year progresses. The outcome of this price war and the veracity of the rumored merger will likely determine whether the retail market remains fragmented or shifts toward a more consolidated structure by 2027.