According to reports, Zhang Wenzhong, the chairman of Beijing’s largest retailer Wumart Stores, has resigned and been replaced by an interim chairman, executive director Wu Jianzhong.
Go deeper with GlobalData
Chinese reports have been circulating that the management shuffle is the result of a government investigation into Zhang.
The Standard, a Hong Kong-based newspaper, reported today (15 November) that Zhang was under investigation by the Chinese government over how he obtained the capital to set up the company in 1994.
