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The latest fund-raising move of the company came in the wake of a CNY 300mn loan it got from Bank of East Asia this past July, which has been used to set up new stores.
Analysts say the money from the issuance will largely mitigate the company's financial burden arisen from the purchase of 55% stakes in Beijing Wangfujing Tower Co., Ltd. for CNY 1.06bn in Aug. 2008.
Now the company is cranking up its effort to expand its reach by building up new sales outlets. More recently, it branched out into Kunming, Yunnan Province, with new stores in Zhengzhou and Erdos are afoot.
By now it has set up 4 stores in Beijing and 16 beyond it. For this year, it is set to open four to six stores.
Source: www.163.com (October 13, 2009)
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