Wangfujing Ties Up With State-Owned Wushang to Set Up 80 Million Yuan Duty-Free Venture

MT Newswires

Wangfujing Group partnered with state-owned retailer Wushang Group to operate a duty-free shop in Wuhan, China, according to a Shanghai bourse filing on Friday.

The newly established venture, named Wangfujing Wushang Duty Free Goods Operation, will be responsible for managing the duty-free shop located within the Wuhan International Plaza Shopping Center.

The joint venture has a registered capital of 80 million yuan. Wangfujing Group will be the majority shareholder, contributing 40.8 million yuan for a 51% stake. Wushang Group will invest 39.2 million yuan, securing a 49% ownership in the venture.

Wushang's shares jumped 10% in recent trade, while those of Wangfujing edged up 1%.

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