Shanghai Baiqing Investment sold 237.03 million shares or 21.17 per cent of Lianhua Supermarket to Yonghui Superstores at HK$3.92 per share on Wednesday, equivalent to a total consideration of HK$929.16 million, Lianhua announced to the Hong Kong Stock Exchange on Thursday morning. Yonghui Superstores is listed in Shanghai. The transaction is pending the approval of Baiqing Investment and Yonghui Superstores, as well as the mainland authorities. As of June 2014, Lianhua had 4,412 retail outlets, of which 84 per cent were in eastern China, including 1,687 outlets under direct operation and 2,725 franchised outlets, according to its 2014 interim report.