Fuzhou-based Yonghui completes stake sale to Dairy Farm to fund expansions

Yonghui Superstores Co Ltd, the Fuzhou-based supermarket chain and one of China's Fortune 500 companies, has completed the sale of 5.7 billion yuan ($912 million) worth of shares, around 20 percent, to Dairy Farm International Holdings Ltd to fund various expansions including the setting up of an e-commerce platform.

It is the second time Yonghui has raised funds by selling stock after it went public on the Shanghai Stock Exchange in 2010.

Yonghui said it aims to use the funds to launch further retail outlets, upgrade its store management system, build a series of logistics distribution centers, as well as build an e-commerce platform.