Taiwan's President to open stores in China

Taiwan convenience store king, President Chain Store Corp, will open a chain of stores selling cosmetics and pharmaceutical products in booming southern China to tap its increasingly wealthy consumers.
President Chain said in a statement on Friday it had formed a venture with Guangdong-based Livzon Pharmaceutical Group to open 100 of the Taiwan company's Cosmed stores in Shenzhen, Guangzhou and surrounding areas within five years.
The venture, Shenzhen President Cosmed Corp, was established with 50 million yuan (US $6 million) in capital, with President Chain holding a 65 percent and Livzon 35 percent.
Cosmed is wholly owned by President Chain in Taiwan, where it operates 110 Cosmed outlets selling products like headache tablets and cosmetics with revenue of T$2.95 billion in 2003.