A leading hypermarket chain, Yonghui Superstores agreed to sell a 20 percent stake in the company to Dairy Farm International Holdings, Ltd, which operates around 5,800 supermarkets and convenience stores throughout Asia.
Yonghui Superstores, with approximately 290 hypermarkets in 17 provinces, planned to use the funds to accelerate store expansion and supply chain development. In addition, the two companies will collaborate on fresh food procurement and sales, strengths of Yonghui Superstores.
The company also launched a social network platform called myStore, which enables Yonghui Superstores to connect with customer communities, collect and analyze purchasing data, refine marketing and facilitate mobile shopping and in-store pick-up.
Net income increased 17 percent to $73 million on a 23 percent revenue rise to $2.9 billion in the first half of 2014. For the full year 2013, net income leaped 47 percent to $117 million on a 27 percent revenue rise to $4.9 billion. Yonghui Superstores was listed on the Shenzhen Stock Exchange in 2010.