Hong Kong-listed supermarket group Wumart Stores is to acquire a 50% stake in Chinese supermarket chain Jiangsu Times from Fang Brothers Investments for HK$1.14bn (US$146.6m), according to a report in the Wall Street Journal.

According to the report, Wumart, which is expanding its presence in China, will make half of the payment in cash, with the rest made up by issuing 24.8m new shares at HK$23 each to Fang Brothers.

Jiangsu Times, which operates 45 supermarkets in the provinces of Jiangsu and Zhejiang, will be renamed Wumart Times Supermarket (Jiangsu). on completion of the deal.