Chinese supermarket chain Wumart plans to create an expansion fund through the placement of 21.1m new shares. The company hopes to raise as much as HK$464.2m, with share prices ranging from HK$20.65 to HK$22 per share, the Dow Jones newswire reported today (7 February), citing a source familiar with the situation.

The report comes days after the supermarket operator announced an investment of CNY370m to obtain a controlling stake in rival Beijing supermarket chain Merrymart.