From The Wall Street Journal:
The chairman and founder of Wumart Stores Inc. resigned suddenly, people familiar with the situation said, raising questions about the continued expansion of the fast-growing Chinese retailer.
Zhang Wenzhong will be succeeded temporarily by Wu Jianzhong, an executive director at the company, the people familiar with the situation said yesterday. They didn’t say why Mr. Zhang stepped down.
Trading in Wumart’s shares, which are listed on Hong Kong’s Growth Enterprise Market, was suspended Monday morning pending the release what was called price-sensitive information. But the company hasn’t issued an announcement about Mr. Zhang. A Wumart spokeswoman declined to comment yesterday.[Full Text]
