China's oldest Peking duck restaurant has kicked off its initial public offering to raise about US$50 million on the Shenzhen Stock Exchange, state media reported yesterday.
China Quanjude (Group) Co (全聚德), which has been serving up the famous Chinese dish since 1864, on Monday launches its promotional tour to fix the price of its share offering, Xinhua news agency said.
The company plans to issue up to 36 million shares and raise at least 380 million yuan (US$50.6 million), Xinhua said.
Dating back to imperial times, Quanjude is one of the oldest brands in China.
Starting from a small roast duck stall in 1864 under the Qing dynasty, the group now operates nine companies in China and 61 franchised restaurants, including five overseas, offering its specialty, Peking roast duck.
Its most recent establishment opened earlier this year in the Silk Market in Beijing, a popular tourist shopping area.
Quanjude sold three million ducks and posted a net profit of 56.6 million yuan last year from a turnover of 665.64 million yuan.
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