Beijing supermarket chain eyes largest GEM IPO in two years

Retailer hopes to benefit from high valuations in the China consumption sector.
Supermarket operator Beijing Jingkelong is hoping to cash in on the favoured status of Chinese consumption plays via an HK$700 million $90 million Hong Kong IPO.

The DBS Vickers Securities led deal is currently in pre-marketing and comprises 132 million H shares, or 36% of the company. Jingkelong will be only the fourth IPO on the GEM board this year and the largest since Tom Online raised HK$1.5 billion in March 2004. Wumart pocketed HK$547 million from its IPO in November 2003, but currently has a market cap of about HK$9.2 billion after its share price has soared 383%.

About 90% of JingkelongÆs shares are new, while the remainder will...
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