Wumart Sales Up, PE Investors In

Buoyed by middle class expansion, urbanisation and strong economic growth, the health of China's retail sector has caught the attention of private equity (PE) investors, the latest firm to benefit being Beijing-based grocery retailer Wumart Stores. Fresh from announcing strong first-half financial results, Wumart confirmed that PE firms TPG and Hony Capital were to acquire a 10.95% stake in its business for HKD1.65bn (US$212.9mn), the funds from which are likely to go towards further mainland

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