October 26, 2009 (FinancialWire) — China Nepstar Chain Drugstore Ltd. (NYSE: NPD) has entered into a definitive agreement with Wenzhou Ren Ren Hao Chain Drugstore Ltd. to acquire the operations of all of its eight drugstores in Wenzhou City.
The acquisition represents China Nepstar's first retail presence in Wenzhou, which it said is a relatively affluent markets in Zhejiang province. The transaction is scheduled to be completed by the end of 2009.
Wenzhou is situated between the Yangtze River delta and Pearl River delta and is Zhejiang province's most populous city with a total residential population of around eight million.
Shenzhen, China-based China Nepstar Chain Drugstore had 2,312 stores across 64 cities in China as of June 30. It also had one headquarter distribution center and 12 regional distribution centers in China on that date.
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