Yonghui to partner with Shanghai Vegetable

Yonghui Superstore, a pioneering chain store that helped introduce fresh food into supermarket circulation, has partnered with State-owned Shanghai Vegetable Group Co to run a fresh food market in the city.

With an initial investment of 100 million yuan ($16.3 million), Shanghai-listed Yonghui is poised to tap into the country's largest consumer base with proximity to fresh seafood and easier access to foreign markets.

Shanghai Vegetable will control 55 percent of the joint venture, with Yonghui holding the rest of the shares, according to the Shanghai Securities Journal.

Established in 2001, Yonghui has a wide presence in 17 provinces and cities across China and operates more than 360 large and medium-sized supermarkets. Its revenue last year hit 24.7 billion yuan.