Related News
Shenzhen listing spells bonanza for scholar Yu
By Joyce Pan |
October 26, 2009, Monday
|
Online Edition
Online Edition
FAMED Chinese scholar Yu Qiuyu could see his wealth swell by 100 million yuan (US$14.64 million) for his shares in a local retailer that is seeking a listing on the Shenzhen bourse.
Shanghai Xujiahui Center (Group) Co, in which Yu holds a 1.5-percent stake, plans to raise 906 million yuan by issuing no more than 70 million A shares, equivalent to 16.84 percent of the enlarged capital. The issue price was calculated to be about 12.95 yuan apiece.
Yu bought 825,000 shares in Shanghai Xujiahui Center (Group) Co at 2.9239 yuan per share for 2.41 million yuan in 2001. The 1.5-percent stake was enlarged to 5.19 million shares after a series of the issues, ranking Yu as the retailer's 10th biggest shareholder.
The application was reviewed yesterday by China's Securities Regulatory Commission for its initial public offering on the SME board in Shenzhen.
If the listing is approved, Yu's wealth could grow by more than 27 times to 67.21 million yuan based on the issue price.
According to the average jump of 130 percent by retailers that debut on SME board, Xujiahui Center is expected to rise to 30 yuan, making Yu's assets worth up to 150 million yuan, analysts said.
But Yu has to wait a year after the listing to cash in his shares based on the guidelines.
Xujiahui Center owns branded department stores in the prime Xujiahui commercial area such as Huijin Department Store, Huilian Plaza and Shanghai No.6 Department Store. The three stores take a combined 43.37 percent share in the department retail market in Xujiahui. The proceeds will be used to construct the Hongqiao branch of Huijin Department Store and buy out 27.5 percent of Huijin.
Yu, former head of the Shanghai Theater Academy, has published several best-selling books on his travels and personal experiences. But the writer has been under attack by fans in recent years who criticized him for becoming too involved in commercial activities.
Shanghai Xujiahui Center (Group) Co, in which Yu holds a 1.5-percent stake, plans to raise 906 million yuan by issuing no more than 70 million A shares, equivalent to 16.84 percent of the enlarged capital. The issue price was calculated to be about 12.95 yuan apiece.
Yu bought 825,000 shares in Shanghai Xujiahui Center (Group) Co at 2.9239 yuan per share for 2.41 million yuan in 2001. The 1.5-percent stake was enlarged to 5.19 million shares after a series of the issues, ranking Yu as the retailer's 10th biggest shareholder.
The application was reviewed yesterday by China's Securities Regulatory Commission for its initial public offering on the SME board in Shenzhen.
If the listing is approved, Yu's wealth could grow by more than 27 times to 67.21 million yuan based on the issue price.
According to the average jump of 130 percent by retailers that debut on SME board, Xujiahui Center is expected to rise to 30 yuan, making Yu's assets worth up to 150 million yuan, analysts said.
But Yu has to wait a year after the listing to cash in his shares based on the guidelines.
Xujiahui Center owns branded department stores in the prime Xujiahui commercial area such as Huijin Department Store, Huilian Plaza and Shanghai No.6 Department Store. The three stores take a combined 43.37 percent share in the department retail market in Xujiahui. The proceeds will be used to construct the Hongqiao branch of Huijin Department Store and buy out 27.5 percent of Huijin.
Yu, former head of the Shanghai Theater Academy, has published several best-selling books on his travels and personal experiences. But the writer has been under attack by fans in recent years who criticized him for becoming too involved in commercial activities.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
