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"Following extensive and fruitful work, we are entering into a partnership with the Gao family and I am excited about what we will achieve together," she said. "Today is the start of a new and exciting chapter for our club. Mr Jisheng Gao and his daughter, Mrs Nelly Gao, with whom I have built a close relationship, share our values and ambitions. As a team, we will strive to build upon the strong foundation that is in place toward sustain-able long-term success."

"Growth has plateaued in the last two to three years and 2017 looks like another year of modest growth in comparison to the growth that we've seen in previous years going back beyond 2015 to earlier times. However, we remain unabashed bullish on China and the Chinese economy," he said, describing the Chinese market as "a really important part of our company."

"Five, 10 years ago, we were the dominant player in convenience, as convenience was defined in those days," Steve Easterbrook, the company's chief executive officer, said last month.

"Global oil demand has been hit hard by the novel coronavirus and the widespread shutdown of China's economy," IEA said in a report. "The consequences of Covid-19 for global oil demand will be significant."

"For sellers, the average price is not rising as fast as it used to. Sellers would think they might yield higher returns when the price grows further," said Yang.