After years in prison, China grocery tycoon weighs twin IPOs

Back in the game: Pedestrians walking past a Wumart supermarket in Beijing. Zhang has made Wumart a player in China’s hyper-competitive supermarket sector again. — Bloomberg

BEIJING: In 2018, Zhang Wenzhong was cleared by China’s top court of financial misconduct charges after earlier spending more than half a decade in prison.

Three years later, the Chinese tycoon has revived the supermarket business he founded, and is about to launch two initial public offerings – one in Hong Kong and the other in the United States.