The China Securities Regulatory Commission has approved World Union’s IPO application, allowing the company to list shares on the Shenzhen Stock Exchange.
Wang Jia, an Industrial Securities analyst said, ‘It is probably the country’s first property consultancy and brokerage firm to float A shares on a domestic bourse.’
Proceeds from the sale will be used to extend the company’s network, establish an integrated service management platform, train staff and increase its national brand awareness, an effort expected to cost RMB319 million ($46.5 million).
Established in 1992, World Union runs 23 branches across the country, expanding its operation primarily by forming strategic alliances with large real estate developers such as Vanke and Gemdale.
Source: Shanghai Daily