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China Nepstar Chain Drugstore to Acquire 68 Drugstores from Ningbo New Century Medical Ltd.
Date:2/26/2008

SHENZHEN, China, Feb. 26 /Xinhua-PRNewswire-FirstCall/ -- China Nepstar Chain Drugstore Ltd. (NYSE: NPD) ("China Nepstar" or "the Company"), the largest drugstore chain in China based on the number of directly operated stores, today announced that it has entered into a definitive agreement to acquire all of the 68 drugstores (including inventory and store equipment) owned by Ningbo New Century Medical Ltd. ("New Century") for cash consideration of RMB30 million (US$4.1 million). China Nepstar expects to take over the operations of the acquired stores in March 2008, upon completion of the acquisition.

The New Century drugstore chain was established in 2002 and generated revenue of approximately RMB50 million (US$6.8 million) in 2007. It is one of the top three drugstore chains in Ningbo based on the number of outlets. New Century's stores are located mostly in newly developed, satellite districts of Ningbo, including Beilun, Ninghai, and Yinzhou Districts, where China Nepstar does not currently have a strong presence. The growth of these new satellite districts has been driven by local government initiatives to boost local economies and position the districts in key growth industries. For example, Yinzhou, Ninghai and Beilun have become centers for apparel wholesaling, stationary wholesaling and ocean shipping, respectively.

Ningbo is an important business center and a port city located in the affluent Zhejiang Province, with a metropolitan area of 2,462 square kilometers and a population of approximately 6.5 million people, as of the end of 2006. According to the Ningbo Statistics Bureau, Ningbo's GDP per capita reached RMB51,285 in 2006. Ningbo had 1,700 retail drugstores, including 500 chain drugstore outlets and 1,200 inde
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SOURCE China Nepstar Chain Drugstore Ltd.
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