The Beijing-headquartered supermarket chain Wumart has announced plans to cancel entrance fees for promotion personnel sent by its suppliers to the stores of Wumart from 2009.

According to Wumart Stores' financial report for the first three quarters of 2008, the company made net profits of CNY409 million in this period , but the growth rate of its net profits in the third quarter decreased by 26% compared with that of the first half of 2008.

Beijing-based Wumart Stores — which has just announced plans to expand its business in East China — has decided to close one of its two stores in Shanghai.

Wumart Stores, Inc. has announced that Hangzhou Tiantian Wumart Commerce Co., Ltd., a wholly owned subsidiary of the company, will acquire a 85% stake of Shaoxing Shangchao Investment Co., Ltd. for CNY151,177 million, giving Wumart indirect ownership of 54.09% of shares of Zhejiang Supply and Marketing Supermarket.