Beijing’s Qing-feng Restaurant Chain Going Public In 2016
Qing-feng, a 60 yr old Beijing restaurant chain known for its steamed dumplings, announced Monday it will go public next year.
“If everything goes well, our company will be listed on the New Third Board next March or April,” said Gao Wenhui, the company’s general manager.
New Third Board is a pilot national share transfer system for small and medium-sized enterprises that allows the public to buy stocks over-the-counter before an IPO in the Shanghai or Shenzhen stock exchanges.
Qing-feng, established in Y 1956, is noted for dumplings known as “baozi” and fried pig’s liver, traditional Beijing delicacies. The company is affiliated to Beijing Huatian Food group co.,ltd.
As a SOE (state-owned enterprise), Qing-feng has to be converted to a share-holding company in order to go public, which takes at least 3 years, Gao explained. “So we’ll 1st inject integrated assets into a share-holding enterprise our parent company owns, and then change its name to Qing-feng after the IPO. This will save 1.5 years.”
Qing-feng has more than 300 outlets, 262 of which are in Beijing. The company plans to increase total to 1,000 within 5 years. The company also plans 5 logistics bases in Heilongjiang, Henan, Jilin, Shaanxi and Shandong provinces.
Qing-feng will also establish a baozi museum open to the public and a staff training center this year.
“Baozi is not only a kind of snack, but has its own culture. We hope more people can learn about it,” Gao added.
By Xiang Bo
Paul Ebeling, Editor
HeffX-LTN
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