Chongqing New Century Department Store mulls HK listing

Published: 02 Sep 2009 19:24:05 PST

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Sep. 3, 2009 (China Knowledge) - New Century Department Store Ltd, a subsidiary of state-owned Chongqing General Trading Group, plans to launch an initial public offering in Hong Kong, according to sources familiar with the matter.

The Chongqing-based retailer has started preliminary talks with accounting firm Deloitte to seek advice on market rules, financial regulations and preparatory work needed for the planned listing.

No specific IPO timetable was given so far.

It is reported that the company had intended to list in the domestic stock exchange, but later showed greater interest in Hong Kong, considering the improved market conditions this year.

Founded in 1995, New Century Department Store is currently the largest retailer in Chongqing Municipality, with 10 department stores and 55 chain supermarkets. Its sales revenue exceeds RMB 10 billion in 2008.