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Catering firms set to relaunch IPOs
By Louise Ho |
May 18, 2012, Friday
|
Online Edition
Online Edition
COMPANIES in China's culinary industry are expected to restart their initial public offering plans after there are signs that China's securities regulator may give the green light to IPO applications of the restaurant business.
In a notice issued on its website Thursday, the China Securities Regulatory Commission announced guidelines on information disclosure in IPO prospectus by catering companies. The notice also covers companies in such areas as beauty and health.
According to the notice, restaurants that want to go public need to state clearly in their IPO offer documents their business operation, including the number of regular chains or franchises, measures taken in food safety and internal quality control, and the risk of rapid expansion.
Due to issues in tax evasion and food safety, the securities regulator suspended IPO applications in the restaurant business more than two years ago. The last food business that went public is Beijing restaurant group Xiangeqing, which floated its shares on the Shenzhen Stock Exchange in November 2009.
Beijing-headquartered South Beauty Group withdrew its IPO application in January. The group's president Wang Xiaofei said in February that they would conduct further study of the IPO.
The regulator has put IPO applications of four restaurant companies on hold, including Guangdong-based Shunfung, Tianjin's dumplings chain China Goubuli, Guangzhou Restaurant and Jingya Group from Shandong. Currently, three companies in the culinary industry are trading stocks at China's A-share market.
In a notice issued on its website Thursday, the China Securities Regulatory Commission announced guidelines on information disclosure in IPO prospectus by catering companies. The notice also covers companies in such areas as beauty and health.
According to the notice, restaurants that want to go public need to state clearly in their IPO offer documents their business operation, including the number of regular chains or franchises, measures taken in food safety and internal quality control, and the risk of rapid expansion.
Due to issues in tax evasion and food safety, the securities regulator suspended IPO applications in the restaurant business more than two years ago. The last food business that went public is Beijing restaurant group Xiangeqing, which floated its shares on the Shenzhen Stock Exchange in November 2009.
Beijing-headquartered South Beauty Group withdrew its IPO application in January. The group's president Wang Xiaofei said in February that they would conduct further study of the IPO.
The regulator has put IPO applications of four restaurant companies on hold, including Guangdong-based Shunfung, Tianjin's dumplings chain China Goubuli, Guangzhou Restaurant and Jingya Group from Shandong. Currently, three companies in the culinary industry are trading stocks at China's A-share market.
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