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Chinese retailer Your-Mart to go public in July

(China Daily)
Updated: 2009-06-30 15:30

Your-Mart Co, the largest retailer in China's central province of Hunan, said on Tuesday it would raise about 500 million yuan ($73.21 million) in a stock initial public offering next month, the third firm to be given approval to go public after regulators resumed IPOs this month.

Your-Mart said in a share issue prospectus that it would issue 50 million yuan-denominated A shares on the Shenzhen Stock Exchange on July 8, raising funds to upgrade its main shops in its headquarters in the provincial capital of Changsha.

The shares would account for 26 percent of the company's expanded share capital after the IPO, it said in the prospectus published in the official Securities Times.

On Monday, traditional Chinese medicine maker Guilin Sanjin Pharmaceutical Co raised 910 million yuan in China's first equity IPO since regulators quietly suspended IPOs last September due to a market slump at that time.

On Thursday, Zhejiang Wanma Cable Co will float shares, becoming the second firm to go public after the resumption.

With China's stock market having jumped 63 percent so far this year, regulators are expected to allow more IPOs soon, including major IPOs such as one from China State Construction Engineering Corp, which is expected to raise about $1 billion.