(Yicai Global) Oct. 17 -- 7-Eleven, whose parent is Tokyo-based Seven & I Holdings, and which is one  of world's largest convenience store chains, has embarked on a business partnership with Hunan Friendship & Apollo Commercial to  extend its business from China's big cities to the central Chinese  province of Hunan.
 

The Chinese firm, which is the largest retailer in the province, signed an exclusive regional franchise deal with the investment arm of 7-Eleven in China, the former said in a statement today.

Hunan Friendship & Apollo Commercial [SHE:002277] traded up 3.42 percent at CNY3.33 (USD0.47) at 1.25 p.m. on the news

 The local retailer can also re-franchise the brand in the province, under the agreement.

 The announcement disclosed no financial aspects of the deal, only that the Hunan Friendship & Apollo Commercial plans to invest up to CNY200 million (USD28 million) in the project.

It did not disclose the business plan of the company either, but local media reported today that the first store is scheduled to open in the spring in the provincial capital of Changsha.

Editor: Ben Armour