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CHJ Jewelry to raise RMB 950 mln via placement

May. 10, 2012 (China Knowledge) – Guangdong CHJ Jewelry Co Ltd<002345>, which is principally engaged in the design, produce and sales of jewelry products, has announced plans to raise no more than RMB 950 million via a private placement.

According to a statement, the Shenzhen-listed company said it will issue up to 43 million A- shares with a price of at least RMB 22.14 per share to ten investors.

Proceeds from the issue will be used to build 240 new stores in the next three years, said the company.

As of the end of last year, CHJ Jewelry had used about RMB 448 million proceeds from its IPO in 2010 to set up jewelry stores and now the company operates a total of 447 stores.

Last year, the company saw its operation revenue jumped 58.88% year on year to RMB 1.32 billion, its net profit attributed to shareholders surged 46.02% than a year earlier to RMB 150.82 million.

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