The Chinese chain supermarket Yonghui Superstores (601933.SH) and the Republic of Korea (ROK)-based CJ Corporation will set up two joint ventures (JVs) in China to be engaged in preprocessing of food materials and direct supply of the global fresh food.
The two JVs each will have a registered capital of 100 million yuan. The JV in which Yonghui Superstores will hold a 70-percent stake will bring in CJ's central kitchen model of food preprocessing and cold chain and processing facilities.
The JV in which the CJ will take a 70-percent stake will be engaged in global fresh purchases with the aim to bring the proportion of its fresh supplies to Yonghui to 46 percent with the purchases worth 350 million yuan.
CJ Corporation is the largest life and cultural enterprise in the Republic of Korea with its businesses covering food, catering, biotechnology, and entertainment and circulation fields.
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