A Chow Tai Seng retail store in China
Chinese jeweller Chow Tai Seng is planning to go public in Shenzhen in a bid to raise RMB 1.46 billion (around US$210 million), which will be used to fund the retailer’s expansion plans, according to a recent report.
The company is eyeing to strengthen its presence in lower-tier cities to further boost growth through the initial public offering, a report on the South China Morning Post said.
Chow Tai Seng has a network of 2,288 boutiques in mainland China as of June last year, the report added, citing a prospectus submitted by the jeweller to the China Securities Regulatory Commission in November. Of these, nearly 2,000 are franchise operations while 294 stores are self-operated mainly in third- or fourth-tier cities, the report said.