When Malaysians think of everyday essentials at fair prices, 99 Speed Mart almost always comes to mind. From humble neighbourhood corners to busy city streets, the green-and-orange mini-mart has become part of the country’s daily routine.
Now, the Klang-born retailer is setting its sights on a much bigger stage: China. On 31 August 2025, 99 Speed Mart opened its first overseas store in Fuzhou, Fujian Province, marking a significant milestone in its nearly four-decade journey.
99 Speed Mart: A National Brand Goes Global
Founded in 1987 by Lee Thiam Wah, who began with a single sundry shop called ‘Pasar Raya Hiap Hoe’ in Klang, 99 Speed Mart has grown into one of Malaysia’s largest convenience chains with nearly 3000 outlets nationwide.
Its success has always come from a simple but powerful formula: be close to the community, keep prices low, and make everyday shopping hassle-free. This concept was later branded as “NEAR n’ SAVE.”
By 2000, the brand reintroduced itself as 99 Speed Mart, complete with modern store layouts, centralised warehousing, and more efficient logistics. Over the years, it expanded distribution centres across Malaysia, launched the 99 Bulksales e-commerce platform, and refined its operations to achieve scale and efficiency.
The new store in Fuzhou carries the “99 Mini-Mart” name but follows the same principles. At the same time, the company has emphasised that it will adapt offerings to local culture and consumer preferences, a necessary step in China’s highly competitive retail market.
Why China, and Why Now?
The timing of this expansion reflects a clear strategic move. Malaysia’s mini-mart market has reached maturity, leaving little room for aggressive growth at home. To continue its upward trajectory, 99 Speed Mart must look beyond its borders.
Fujian Province, with its 41.9 million residents, offers both scale and opportunity. Unlike China’s megacities where convenience store giants are well entrenched, Fujian remains a fragmented market. Independent mom-and-pop shops dominate alongside large supermarkets, creating an opening for 99 Speed Mart to establish itself as a consistent and trusted neighbourhood chain.
The choice of Fujian also builds on existing groundwork. In 2023, the company incorporated Yiwu Speed Mart Import & Export and Yiwu J-Jade Trading in China to strengthen procurement. This early presence gave the group exposure to the Chinese market and now provides a solid foundation for its retail expansion.
Strong Foundations for Expansion
International expansion requires both resources and resilience, and 99 Speed Mart is well prepared. The group holds a net cash position of RM836 million as of the second quarter of 2025. This strong balance sheet allows the company to take measured steps in China without overstretching its finances.
Unlike the rapid rollout it pursued in Malaysia, the group plans to expand cautiously in China. Analysts expect fewer than 40 outlets in the next two years, giving the company time to test its model, adapt to local challenges, and refine its strategy before scaling further.
Challenges in a Fierce Market
China is one of the toughest consumer markets in the world, with well-established players such as 7-Eleven, FamilyMart, and Yonghui Superstores. Consumer expectations are fast-changing, and competition is fierce.
For 99 Speed Mart, success will depend on several critical factors. The company must first localise its offerings while staying true to its value-for-money DNA. Chinese shoppers have different preferences and habits, and tailoring product selections to meet those needs will be vital.
Equally important, 99 Speed Mart needs to differentiate itself through convenience and neighbourhood reach. Competing directly with premium chains on branding and lifestyle may not be effective, but focusing on accessibility and affordability could replicate the success it enjoyed in Malaysia.
Finally, the company must leverage its proven logistics efficiency to keep costs low. In a market that is highly price-sensitive, the ability to manage supply chains effectively will determine whether 99 Speed Mart can maintain its competitive edge.
99 Speed Mart Founder: A Symbol of Malaysian Entrepreneurship
Behind this bold international step is the remarkable story of its founder, Lee Thiam Wah. Born in Klang in 1964, Lee contracted polio when he was a child, which left him unable to walk. Coming from a large, low-income family, his path to success was far from easy.
Unable to find work because of his disability, he started selling snacks from a small roadside stall. At just 23 years old, with his savings, he opened his first grocery shop in Klang. That single store was the beginning of what would become a retail empire.
Through perseverance, sharp business instincts, and a relentless focus on affordability, Lee built 99 Speed Mart into a household name in Malaysia. His journey, from a young man with limited opportunities to the leader of a multi-billion-ringgit company, has made him one of the country’s most inspiring entrepreneurs.
From a sundry shop in Klang to nearly 3,000 outlets nationwide, 99 Speed Mart’s growth has always been about building trust and serving communities. Its move into Fuzhou represents more than just business expansion. It is a bold expression of Malaysian entrepreneurship on the global stage.
If this venture succeeds, it will not only fuel the company’s next growth story but also inspire other Malaysian brands to test their strength abroad, proving that even the most local of businesses can carry their vision to the world.
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