Ascendent backs Wumart as Chinese retailer buys CP Lotus stores
Ascendent Capital Partners (ACP) has acquired a stake in Chinese supermarket operator Wumart Stores, as Wumart moves to acquire 36 stores from retail firm CP Lotus Corp. for HK$2.3 billion ($302 million) through a share swap.
According to a regulatory filing, Wumart will gain a stake of about 10% in CP Lotus - which is part-owned by a unit of Thai billionaire Dhanin Chearavanont's Charoen Pokphand Group - worth about HK$2.9...
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