date:Oct 18, 2013
both companies, Chan added.
In the first half, C.P. Lotus recorded a net loss of 46.7 million yuan.
Xu and Chan declined to disclose the first-half net loss of the 36 stores acquired by Wumart. They stressed that Wumart will spare no effort in turning around those outlets.
Xu also said that Wumart will bring in a new investor - private equity firm Ascendent Capital LLC, which will subscribe to 16.6 million of Wumart's new H shares.
The acquisition shows how some local retailers have overtak