China Quanjude kicked off its initial public offering (IPO) on Friday, Xinhua reported (in Chinese). According to the famous Peking duck restaurant chain's public notice, Quanjude plans to raise at least US$50 million on the Shenzhen Stock Exchange. The funds will be used to remodel two restaurants in Beijing and upgrade food production bases and logistics centers. Quanjude, which will become the first restaurant group to go public in China, posted net profits of US$3.4 million in the first quarter of 2007, and US$7.5 million for the year 2006.
Categories