Center

Shoe firms queue up for listing

By Lillian Liu (China Daily)
Updated: 2007-04-26 10:04

A group of mainland shoe manufacturers will queue up to sell shares inHong Kongstock exchange next month. Among the listing candidates are the country's top sports shoemaker Anta, No 1 women's shoeretailer Belle and Hong Kong-invested fashion shoe chain Walker Shop.

The three shoe companies plan to raise a total of HK$14.5 billion in theirinitial public offerings. Market watchers predict the IPOs, like many other offerings from mainland companies, will be oversubscribed.

Belle, which makes leather shoes favored by women office workers in China, has scheduled its public share sale in the second week of May, right after the Golden Week holiday.

Leading investment banks Morgan Stanley and Credit Suisse will arrange the Belle IPO, which is expected to raise as much as $1 billion.

The company said it is seeking a prestigious strategic investor, but declined to comment further, saying only that the investor must be a leading global brand.

Belle runs 2,000 stores, about half of them under its own name. It also serves as an agent for Joy & Peace, Nike and Adidas.

Sports shoemaker Anta plans to list in Hong Kong in the third quarter and is targeting $800 million from its IPO. Anta, which also produces sportswear, is based in Jinjiang, East China'sFujianProvince, which is well known as the country's largest production base for walking and sports shoes.

Many world-famous shoe companies have set up manufacturing bases in Jinjiang because of its good business environment and a large pool of shoe craftsmen.

Operating a huge network of over 4,000 shops spread in Beijng,Shanghai,Yunnanand hundreds of second-tier cities, Anta is the leader in the country's sports shoe market.

Walker Shop plans to list its shares in Hong Kong by May or June with a HK$390-470 million IPO. Hong Kong-based securities firm Taifook Group will be theunderwriter.

Walker Shop, specializing in walking and office footwear, is popular in Hong Kong for its stylish yet comfortable designs and reasonable prices.

(China Daily 04/26/2007 page15)