Nanxiang Food tests the water on E-platform
Print Edition
SHANGHAI Nanxiang Food Company announced increased capital of 16 million yuan (US$2.5 million) after it was listed on the Shanghai Equity Exchange’s E-platform.
Nanxiang Food produces over 50 kinds of special Jiading dim sum, including Nanxiang xiaolong dumplings and Sansi spring rolls.
“We’ve got eight enterprises and individuals who will buy our stock, and they have transferred security deposits,” said Chen Xintao, president of Nanxiang Food.
But as the company’s funding problems are relieved, Chen feels under greater pressure. “It’s not easy to take someone else’s money. If the company doesn’t run well, I’d be ashamed to face our investors.”
Chen says Nanxiang Food still has a lot to do before being formally listed to the market.
The standard for being listed as middle and small companies includes an annual production of more than 100 million yuan and a profit of more than 10 million yuan, which Nanxiang Food has not yet met. Meanwhile, a shortage of skilled labor and problems in daily operations are also a challenge for the company.
“This year, we must reach an annual production of 50 million yuan and a profit of 6 million yuan,” Chen said. “Only good ideas and performance will attract more investors.”
Last May, Nanxiang Food put its products on a TV shopping program and achieved sales of over 2 million yuan in nine months. This experience made the company determined to expand the market.
So far, Nanxiang Food is cooperating with four dealers to promote its products. The company is also talking with a restaurant chain in Zhejiang Province about business cooperation.
Chen is also considering opening a new production base in the Yangtze River Delta since the current workforce of 200 can’t satisfy demand.
“We are talking with a food company in Anhui Province. So far we agree that we will take care of the technology and management, while the Anhui company will provide workshops and equipment,” Chen said. “We will also hold 51 percent of the stock.”
If the plan is implemented, the new factory will be put into production in the second half of this year.
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