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South Beauty Group, an upscale Chinese restaurant chain, expects an initial public offering (IPO) on the Hong Kong stock exchange within two years, a company executive said.

"We began preparing for an IPO last year, and we're currently in negotiations with investors and securities regulators," An Yong, South Beauty's executive president, told China Daily.

By choosing the Hong Kong exchange, the company hopes to attract international investors and expand into the global market.

"South Beauty aims to be an international brand in the long-term," he said.

Zhang Lan, founder of South Beauty

The group will open 20 new franchised stores by the end of the year, both in Chinese cities and major international centers, including New York, London and Tokyo.

Since opening its first store at Beijing's World Trade Center in 2000, South Beauty has grown to 20 locations in bustling commercial areas of China's major cities, including Shanghai and Chengdu.

Though South Beauty does not disclose its financial statements, An said business has been growing steadily.

In 2005, revenue surpassed 400 million yuan, he said, though he would not disclose the most recent figures.

The IPO won't be South Beauty's first attempt to attract global clientele. In 2005, South Beauty's fare was first offered in business- and first-class of Dragon Air flights.

Recently, the company partnered with Air France and KLM Royal Dutch Airlines to offer passengers Chinese cuisine. "Co-operating with international brands is an important step in our strategy to enter the global market," said Zhang Lan, founder of South Beauty. 

(China Daily 04/21/2007 page10)

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