Lianhua Supermarket (00980.HK) plans to sell Yangpu Century Lianhua to Bailian Group.

Tencent Finance News, Lianghua Supermarket (00980.HK) announced that the company plans to sell all the shares of Shanghai Century Lianghua Supermarket Yangpu Co., Ltd. held by its directly wholly-owned subsidiary Shanghai Century Lianghua Supermarket Development Co., Ltd. (Century Lianghua Development) to Shanghai Dawn Industry Co., Ltd., an indirectly wholly-owned subsidiary of Bailian Group Limited (Bailian Group). The price of the proposed sale will be based on an evaluation report issued by an independent valuer filed with the competent authority, and will be agreed upon by all parties and specified in the formal equity transfer agreement. Yangpu Century Lianghua mainly operates large-scale integrated supermarkets in Yangpu District of Shanghai and Henan Province.