Jinsheng Group, a mainland constructional materials and furniture retailer, plans to be listed in Hong Kong in the coming months, with the market value of its shares is expected to reach US$800 million.
If all goes smoothly, Jinsheng will become the first mainland constructional material chain listed in Hong Kong. Jinsheng plans to sell 25% of its shares and the funds will be used to expand its market in cities in eastern China, including Shanghai and Nanjing.
Jinsheng tried to get listed in 2007. At the beginning of 2007, the private placement and restructuring for its listing and the strategic partners introducing had been completed. They handed in their application to the exchange in Hong Kong. But because of the flood of newly listed shares at that time and the bad performance of those new shares, the listing of Jinsheng was shelved.