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Hongqi supermarket chain mulls IPO in Shenzhen

May. 3, 2012 (China Knowledge) – Chengdu Hongqi Chain Co Ltd, Sichuan-based supermarket chain, announced yesterday that it is considering launching its initial public offering in Shenzhen.

According to a statement, the company will raise RMB 610 million with no more than 50 million shares.

The supermarket chain said it plans to use RMB 505 million of the proceeds for setting up new stores, RMB 75.55 million to upgrade the business facilities and RMB 35.78 million to improve its information system.

Last year, Hongqi supermarket saw its operation revenue reached RMB 3.45 billion, increased 24.71% year on year, and net profit for last year grew 13.17% than a year earlier to RMB 170.61 million.

As of the end of last year, Hongqi supermarket has 1,126 self-owned stores, of which 1,085 stores were in Chengdu. After the IPO, the company aims to expand to over 2,000 units, sources reported.

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