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Retailers ponder going public in HK
By Wang Zhuoqiong (China Daily)
Updated: 2004-05-11 09:01

Shenzhen Moy Trade Building Co Ltd, a local leading retailer, plans to obtain a listing on the Hong Kong stock market in the second half of the year.

As the city's first listed retailer, Moy is expected to trigger escalating competition among retailers in this South China boom town for overseas initial public offering (IPO), said industry observers.

The group had total assets of over 7 billion yuan (US$846 million) and net assets of over 4.8 billion yuan (US$580 million) in 2003.

The prudent, privately funded company is reluctant to reveal any information concerning its overseas IPO such as the IPO size and timetable. A spokesman simply said it will depend on the market.

Meanwhile, Shenzhen Causeway Bay Department Store said it will be listed in Hong Kong by the end of 2005.

Consisting of a shopping mall, chain department stores and a retailing consultancy company, Shenzhen Causeway Bay plans to open five more chain stores in Guangdong Province and at least 11 nationwide in the next three years.

With the youngest population structure and the highest income per capita, Shenzhen has cultivated a booming market for the local retail industry where many local retailers are qualified to list in Hong Kong, said Hua Tao, director-general of Shenzhen Retail Business Association.

"Almost every new retail store opening in Shenzhen makes profit. I haven't seen any department store or supermarket closed in Shenzhen in recent years. No one can deny the tremendous purchasing potential in our retail market," Hua added.

Statistics provided by the association indicate that the sale of 15 retailing companies soared to 46 billion yuan (US$5.5 billion) last year, up 25 per cent from a year ago.

Three Shenzhen-based retailers, including Hong Kong CR Vanguard, A.Best, Renrenle and US retailer giant Wal-Mart, which set up its Chinese headquarters in Shenzhen, are on the list of the recently released top 30 chain retailers in China in 2003 conducted by China's Ministry of Commerce.

Retailers also expanded quickly in Shenzhen . More than 200 new outlets from 15 retailers in the city opened last year, according to a survey by the Shenzhen Economic and Trading Bureau. A.Best Department Store create a new record by opening an outlet, on average, every 20 days.

Although Shenzhen has been one of the mainland cities with the most flourishing retailing business, it had only two listed retailers, much less than other big cities like Beijing, Shanghai and even Wuhan in Central China's Hubei Province.

"It will be a prime time for Shenzhen retailers to get a listing because they are attaining maturity after years of development while their fast expansion needs more capital," said an industry observer. "Overseas stock markets will be the best choice for them to raise funds quickly," he added.

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