NEWS > Business
Quanjude puts duck on the stock-market menu
2007-09-27 03:22:47 Shanghai Daily

CHINA Quanjude (Group) Co Ltd has filed application to China's stock regulators for its initial public offering, a move that will make the roast-duck operator the first listed catering company on the mainland.

Beijing-based Quanjude plans to issue up to 36 million shares on the Shenzhen Stock Market within the year, according to its listing prospectus posted on the Website of the China Securities Regulatory Commission on Tuesday.

Its total stocks are 105.56 million, valued at 2.42 yuan (32 US cents) per share, and will amount to 141.56 million after the share sale.

The price of the offer will be determined later and the share sale is also subject to formal regulatory approval on September 29.

Founded in 1993, Quanjude Group is 48.4 percent owned by Beijing Tourism Group. It runs nine companies in China in big cities like Beijing and Shanghai and 61 franchised restaurants, including five overseas.

The company said the proceeds derived from the IPO will be used to renovate two stores in prime locations in Beijing before the 2008 Olympic Games and expand production capacity of its food-processing plant and distribution center.

The IPO is also expected to fund development of franchised restaurants.

"The share sale will help to improve the profitability of old restaurants and increase the competitiveness of its core business," the company said in the prospectus.

The Quanjude brand was established in 1864 and was awarded the title of "China Renowned Trademark" in 1999.

The Quanjude roast duck ranks first in Elite Chinese Famous Dishes, helping Quanjude restaurants be rated as the mainland's most famous, especially for their All-Duck Banquet.

More than two million roast ducks are sold on average annually.

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