Popular has been acquired by an investment firm based in Hong Kong.

In response to queries by Lianhe Zaobao, Popular confirmed the change in ownership and added that ZQ Capital acquired all of Popular's businesses in Singapore, Malaysia, China, Hong Kong, Taiwan, Macau and North America on Nov. 1.

Popular added that its manpower policies, including its employee structure, salaries and benefits, will be retained.

According to ZQ Capital's website, ZQ Capital was established in 2016, with its expertise largely focusing on markets in mainland China.

Popular began 99 years ago

According to Popular's website, it began as the Cheng Hing Company, established in 1924 by Chou Cheng Ngok's father, Chou Sing Chu, when he arrived in Singapore from China.

Initially, the Cheng Hing Company specialised in Chinese storybooks and pictures.

Chou Sing Chu then established the World Book Company in 1934 and the Popular Book Company in 1936.

In 1935, Cheng Hing Company was merged into the World Book Company.

World Book Company was then merged into Popular Book Company in 1994.

Popular Holdings was then incorporated as a private company on Oct. 5, 1996.

From May 1997 to May 2015, it was listed on the main board of the Singapore Exchange before it was delisted.

CEO has reportedly decided to retire

A letter sent by Popular to its Malaysian suppliers also revealed that its Chief Executive Officer, Chou Cheng Ngok, has decided to retire, Lianhe Zaobao further reported.

The letter added that Popular's core values, operations and services would not change.

In addition, apart from its publishing and bookstore businesses, Popular will focus on education services and explore new markets in mainland China and Southeast Asia.

Mothership has reached out to both Popular and ZQ Capital for more information on the matter.

Top left photo via Popular/Facebook, right photo via ZQ Capital website