The nation's securities regulator has approved a plan by leading Shanghai conglomerate Bailian Group to acquire major stakes in five other retailers.

The listed units to be bought by Bailian are Shanghai No. 1 Department Store Co, Shanghai Hualian Co, Shanghai Friendship Group Co, Shanghai Material Trading Center Co and Hualian Supermarket Co.

The stake transfers are part of a plan by the city to merge the parent companies of China's largest retailers.

Source: Shanghai Daily