Best Buy has already been given the nod by the Chinese government, culminating in the granting of a business license to the company on May 11. The majority stake in China’s fourth-largest electronics company will give Best Buy access to a 136-store distribution network in some eight Chinese provinces.  As for Five Star’s current management board, all are expected to remain with the company. Wang Jianguo, chairman and president of Five Star, will continue his role, while current employees and management team will continue to own the remaining interests in Five Star. Stores will also still operate under the current brand. Five Star is headquartered in Nanjing, Jiangsu Province, and has over 12,000 employees. The company recorded sales revenues of nearly USD 700 mln in 2005, representing a year-on-year growth of over 50%. Founded in 1998, Five Star has approximately 150 retail outlets across the country located in the provinces of Jiangsu, Zhejiang, Anhui, Shandong, Jiangxi, Henan, Sichuan and Yunnan. Its 2005 sales revenues totaled RMB 14.6 bln (USD 1.8 bln). The move is key for Best Buy, as it needs to gain a solid electronics distribution network in China, especially since domestic companies already occupy better locations for their outlets. Best Buy currently has 940 retail stores across the United States and Canada. In addition to acquiring Five Star, Best Buy also has plans to open their first mainland China retail store in Shanghai this year.