IPO may take place 2 years later in 2012
Source: Bloomberg News |
August 9, 2011, Tuesday
|
Print Edition
Print Edition
BEIJING Jingkelong Co, a supermarket operator, may raise 1 billion yuan (US$156 million) listing shares on the Chinese mainland in 2012 to grow, nearly two years after saying it would go ahead with the plan.
The retailer is waiting to proceed with the listing because "the market condition is not that good right now," Chairman Wei Ting Zhan said in a news conference.
Beijing Jingkelong, which operates about 246 stores around the capital, plans to open two hypermarkets, eight supermarkets, and 10 convenience stores in 2011, the company said in a statement yesterday. The company had a total debt to earnings before interest, taxes, depreciation and amortization ratio of 4.79 last fiscal year, compared with 0.29 for its larger rival Wumart Stores Inc and 1.18 for Better Life Commercial Chain Share Co, according to Bloomberg News data.
A listing of shares in China "is better for the company, since they're already highly leveraged," Charlie Chen, a Hong Kong-based analyst with BNP Paribas Securities Asia, said in a phone interview. The listing "will give the share price a boost."
The retailer is waiting to proceed with the listing because "the market condition is not that good right now," Chairman Wei Ting Zhan said in a news conference.
Beijing Jingkelong, which operates about 246 stores around the capital, plans to open two hypermarkets, eight supermarkets, and 10 convenience stores in 2011, the company said in a statement yesterday. The company had a total debt to earnings before interest, taxes, depreciation and amortization ratio of 4.79 last fiscal year, compared with 0.29 for its larger rival Wumart Stores Inc and 1.18 for Better Life Commercial Chain Share Co, according to Bloomberg News data.
A listing of shares in China "is better for the company, since they're already highly leveraged," Charlie Chen, a Hong Kong-based analyst with BNP Paribas Securities Asia, said in a phone interview. The listing "will give the share price a boost."
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