Rt-Mart, the supermarket retail investment of Ruentex Group, has announced plans to merge with the French retail group Auchan and the two may launch an IPO in Hong Kong in 2010.
Ruentex Group said the two parties are still in negotiation and if they reach an agreement, their cooperation will be limited to the Chinese mainland market, and will exclude Taiwan.
Ruentex Group plans to establish a joint venture with Auchan Group and to apply for listing in Hong Kong. According to Ruentex Group, Rt-Mart started the planning for IPO in Hong Kong in 2006. In 2007, it decided to complete the listing in cooperation with Auchan Group, though the cooperation model is yet to be decided.
Rt-Mart will reportedly maintain its expansion rate in 2009 and the retailer will open 14 new stores before the end of the year. By the end of August 2009, Rt-Mart had made revenues of CNY26.516 billion, a year-on-year increase of 18.44%.