Major Chinese footwear brand to go public
28/09/2011
Aokang was founded on November 12, 2001, with registered capital of around $11 million.
The company, which is growing fast on the domestic market, wants to use the new capital the IPO raises principally to open new stores. It will open 139 new stores in the first year after IPO and a further 209 stores in year two.
Aokang made 17 million pairs of shoes in 2009 and in the first six months of this year, achieved revenues of almost $208 million.
The president of the Aokang Group, Wang Zhentao, first spoke publicly about applying for a stock-market listing towards the end of last year.
Mr Wang said his company was now facing fiercer-than-ever competition from rivals such as Belle International, which he said had enjoyed strong growth since going public on the Hong Kong stock market in May 2007.
He said the stock market could still be a path to growth for Aokang too and that it would be better to arrive late at the stock-market party than never. “We are late, but late are better than never, if we are aided by the stock market we could grow larger and more powerful,” Mr Wang said at the time.
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