E-Land's China operation to be listed on Hong Kong exchange

E-Land's China operation to be listed on Hong Kong exchange

Korean retailer E-Land Group said Thursday that it plans to list its Chinese affiliate on the Hong Kong stock exchange so it can expand its presence in the fast growing market. The plan calls for making an initial public offering (IPO) of E-Land Fashion China Holdings Ltd. and listing the company by the end of 2013, it said. E-Land Fashion is a major player in women's clothing in China, and is 100 percent owned by the parent company. "Proposals for the listing have been sent to global investment banks with a managing firm to be selected to take charge of the IPO within the month," the company said. Listing the company could allow it to directly generate funds to strengthen its market presence in the emerging economy. It can also improve the financial status of the E-Land China affiliate. E-Land said it expects the listing could generate $1 billion worth of fresh funds. (Yonhap)