Luxury department store chain PCD Stores Group is reported to have passed the public hearing of Hong Kong Exchanges and Clearing and will launch its IPO soon.
Founded in 1996, PCD Stores is 71.56% owned by the brothers Alfred Chen Qitai and Edward Chen Hanjie, who are major shareholders of the French apparel brand Ports International Group. In addition, the brothers' other family members own additional 14% stake in the department store.
With its first mainland store opened in Zhongshan road, Xiamen in 1998, PCD Stores currently has 17 department stores in Beijing, Changchun, and Guiyang, under the brand names of PCD Stores, Scitech, and Laiya. At present, the estimated value of PCD Stores is over CNY7 billion.
According to a representative from PCD Stores, though the company has passed the public hearing, the final listing date is yet to be decided.