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Bailian Expected to List, Merge Asssets

Shanghai Bailian (Group) Co Ltd is expected to announce its listing plan next month when two of its listed subsidiaries, Shanghai No. 1 Department Store Co Ltd and Shanghai Hua Lian Co Ltd, publish their 2003 annual reports.

"Shanghai No. 1 and Shanghai Hua Lian will publish annual reports on April 20 when Bailian's listing officially takes effect," a source close to Bailian told the Shenzhen-based magazine Securities Market Weekly.

"Bailian will evaluate both companies' assets according to the reports and prepare for their merger," the source said.

The weekly also reported that Bailian, China's largest commercial group, had hired Citic Securities Co Ltd, to arrange the listing.

The listing plan has been submitted to and is awaiting approval from the securities watchdog, said the magazine, citing sources close to Bailian.

Industry speculation is that Bailian group, which was set up last April following the merger of Shanghai's four state-owned commercial groups, is likely to go public after merging its quality assets.

One possibility is to set up a new company to buy part of its valuable assets, perhaps from Shanghai No. 1 and Shanghai Hua Lian, both department store operators, and list the new venture later.

The department store operators are run by the two listed companies and are the country's most prestigious retailers.

Shanghai Bailian chairman Zhang Xinsheng denied that the company will list all its assets.

"It's almost impossible for Bailian to list as a whole as it has seven listed companies," he told Shanghai Daily Thursday.

Asked whether Bailian will use the second plan of setting up a new venture and buying the quality assets, Zhang said, "It's still too early to tell."

He added, Bailian's listing had been facing difficulties concerning securities regulations and the requirement to protect shareholder interests.

Shanghai Bailian was set up with a registered capital of 1 billion yuan (US$120 million) and total assets of 28 billion yuan.

It ranked first among China's chain retailers last year with a combined 4,357 stores, recording sales of about 48.5 billion yuan (US$5.8 billion).

(Eastday.com March 5, 2004)

Retailer Bailian Plans Four Groups for Efficiency
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