ParknShop, one of the largest grocery retailers based in Hong Kong owned by billionaire Li Ka-shing, plans to open 100 stores in different business formats on the Chinese mainland over the next three years.

The company said Li is taking a positive view of the Chinese consumer market and wants to open more stores on the mainland.

ParknShop has opened 53 stores on the mainland, most in Guangdong province. The company entered the mainland in 1984, opening the first store in Shenzhen. However, in Shanghai it closed its remaining two stores in May 2012. It said the expiry of leases was the main reason and new outlets will be opened in the city if it can find the right locations.

ParknShop denied it will pull out of Shanghai.