Following the acquisition at the beginning of this year of Meilianmei, Beijing's fourth largest supermarket, Wu-mart has now reached another big deal with the listed Xinhua Department Store in Ningxia.
Under this transaction, Wu-mart will directly hold 28,500,000 shares of Xinhua Department Store and become its biggest shareholder.
Zhang Wenzhong, president of Wu-mart Group, says that Wu-mart will continue to support the current management group and try to promote the development of Xinhua through integrating resources.
Founded in January, 1977, Xinhua Department Store is one of the biggest retailers in Yinchuan, Ningxia Province. Its main business covers department stores and chain supermarkets.