CK Hutchison Holdings, one of the flagship companies of billionaire Li Ka-shing, has no plans to sell ParknShop in Hong Kong to one of its largest competitors, according to a senior executive of the supermarket chain’s owner and operator.

“There is really no such plan to sell ParknShop,” said Dominic Lai, group co-managing director of CK Hutchison, responding to a question at the company’s annual general meeting on Thursday.

The group had been reported to be in talks with Jardine Matheson about a possible merger between ParknShop and its Wellcome grocery chain, operated by unit DFI Retail. Combined, the two would control under half of Hong Kong’s supermarket sector.

Along with Market Place, 3hreesixty and Oliver’s, Wellcome operated a network of more than 320 stores in Hong Kong, according to its website. ParknShop ran more than 240 outlets, including those under Fusion, Taste, Taste x Fresh, Food Parc and Great Food Hall, according to its website.

Lai also commended ParknShop staff for “doing a very good job despite an extremely competitive environment.”

He said they had stepped up sourcing products globally, including from mainland China, and offered discounts, to ensure that everyone could “enjoy great value for money” when shopping. “We could clearly see their hard work,” Lai added.