Jiajiayue Group, SPAR International’s first retail partner in China since 2004, has launched an initial public offering (IPO) on the Shanghai Stock Exchange.
Jiajiayue was the first Spar partner in China and opened its first store in 2005 in the city of Weihai, north east China. The group is involved in food processing, wholesale of agricultural products and international trade. It operates over 400 stores with a selling space of 900,000sq. m in 34 cities within Shandong province. The store formats cover hypermarket, supermarket, department store, neighbourhood store and discount store.
The fund raised from the IPO (US$178m) will be used to strengthen the business further by financing new store openings and existing store upgrades, developing distribution centres and logistics infrastructure and enhancing the existing technology and IT infrastructure.
Spar China has opened 360 stores with nearly 1 million sq. m of selling space in eight provinces, employing over 30,000 people. It also operates eight distribution centres delivering across 50 cities.
Tobias Wasmuht, Managing Director of Spar International described the IPO as a significant milestone, not just for Spar Shandong, but for the wider Spar China family as well.
“All at Spar are delighted to have contributed to the success of Jiajiayue. Over the last 12 years the company has continued to lead the way, working closely with the growing list of Spar Partners in China to grow and enhance the brand. Investor interest in today’s IPO is testament to the strength and vision of the company and its management team.”