Most leading players in China’s CVS sector are regionally based. Currently, there is no national leader. According to UBS Investment , top CVS players in Guan

Most leading players in China’s CVS sector are regionally based. Currently, there is no national leader. According to UBS Investment , top CVS players in Guangzhou, Chengdu and Shenzhen have a relatively high market share. Meiyijia, the market leader in Guangdong province, accounted for more than 60% of Shenzhen’s market share and 30% in Guangzhou. Hongqi, the market leader in Sichuan province, accounted for Exhibit 8: Market leaders and respective market share in selected cities Source: UBS Investment. October 29, 2013. “Report on Chengdu Hongqi Chainstore Co., Ltd.” Chengdu 43.6% Market leader; Hongqi Beijing 23.8% Market leader; Easy Joy Shanghai 17.9% Market leader; Quik Shenzhen 61.3% Market leader; Meiyijia Guangzhou 30.0% Market leader; Meiyija Chongqing 26.6% Market leader; Chongkelong 43.6% of Chengdu’s market share. Meanwhile, the market in Chongqing, Beijing and Shanghai is somewhat fragmented - Chongkelong has a 26.6% market share in Chongqing, while Easy Joy has a 23.8% market share in Beijing; Quik has a 17.9% market share in Shanghai.