Maoye International Gets Listed In Hong Kong

Maoye International Holding Limited, a big department store group and shareholder of Chengshang Group, has been listed in Hong Kong.

According to the report released by Maoye International on May 2, 2008, the group sold 129 million shares around the world this time, which took 15% of its total 863 million issued shares.

Maoye International has fifteen department stores in the Pearl River Delta, the Yangtze River Delta and the southwestern area. In June 2005, it entered the Chengdu retail sector by acquiring Chengshang Group and it owns nine stores in the southwestern area.

The development plan of Maoye International shows that the group will open eleven new stores in the coming three to five years, among which five are brand stores of Maoye. Two out of the five stores will be located in Shenzhen, two in Shenyang and one in Changzhou. The other six stores, which is scheduled in Chongqing and Sichuan Province, will be open through its holding subsidiary, Chengshang Group.

To complete the strategic plan, Maoye International needs about RMB5 billion. Being listed in Hong Kong, the group will be able to finance from A share market or H share market through Chengshang Group and Maoye International, respectively.