News Column

Aokang to Become Internet-based Retail Service Provider

May 20, 2014

ZHEJIANG, May 20, SinoCast -- Zhejiang Aokang Shoes (SHSE: 603001) intended to raise CNY 400 million through non-public share issuance to promote the development of its new business mode Aokang international mall and build it to be a Internet concept-based retail service provider.

The listed company planned to non-publically issue 30 million shares to its controlling shareholder Aokang Investment and China Universal Asset Management's Aokang asset management plan at CNY 13.39 a share to raise CNY 401.7 million in total. Deducing the issuance cost, net raised capital will be used to build Aokang international mall. Aokang Investment will subscribe for 9 million shares and the plan will subscribe for 21 million shares.

In addition to self-owned brands such as Aokang, Redess and Vallevrde, the mall will also introduce into international brand Martinelli and other brands from Spain, Italy, Britain and other countries to enable consumers to enjoy the international most fashionable shopping experience.

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Source: Sinocast Consumer Products Beat (China)

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