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China Nepstar Chain Drugstore Terminates Voting Rights Agreement for Yunnan Subsidiary
Date:1/5/2009

SHENZHEN, China, Jan. 5 /PRNewswire-Asia-FirstCall/ -- China Nepstar Chain Drugstore Ltd. (NYSE: NPD) ("Nepstar" or "the Company"), the largest retail drugstore chain in China based on the number of directly operated stores, today announced that its Board of Directors and the Audit Committee of the Board have each approved the termination of a voting rights agreement which assigned 30% of the total voting rights of Yunnan JianZhiJia Chain Drugstore Co. Ltd. ("JZJ") to Nepstar, effective January 5, 2009.

JZJ was founded in 1999 and is 40% owned by Nepstar, 30% owned by Qunxiang Industrial Trading ("Qunxiang"), a company 100% beneficially owned by a director of JZJ, and 30% owned by Yunnan Hengyu Industrial Trading Co., Ltd. Under the voting rights agreement, which was entered into in 1999, Qunxiang assigned its voting rights to Nepstar, and as a result, Nepstar held 40% of the equity ownership and 70% of the voting rights in JZJ. With the termination of the voting rights agreement, Nepstar will hold 40% of the voting rights, as well as continue to hold 40% of the equity ownership in JZJ.

As of September 30, 2008, JZJ had 359 drugstore outlets, all of which were located in Yunnan province in southwestern China. JZJ's other shareholders have expressed an intention to pursue the listing of the portion of the equity interest they hold in JZJ on the Shenzhen Stock Exchange in three years through a holding company. The 40% of equity ownership by China Nepstar in JZJ is not expected to be diluted after the listing of the holding company. The voting rights agreement was terminated in order to facilitate these shareholders' plan for public listing. JZJ intends to continue to focus its operation on the southwest China market.

Prior to the termination of the voting rights agreement, as the majority of the vot
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SOURCE China Nepstar Chain Drugstore Ltd.
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