According to Che Jianxin, president and CEO of the Chinese home furnishing chain M Macalline, after an injection of USD1.5 billion capital from the U.S. private equity firm Warburg Pincus, the company is currently implementing its phased listing plan and it is expected to be listed on China's A-share market in 2010.
On February 29, 2008, M Macalline and Warburg Pincus established a joint venture, with Warburg Pincus holding a 20% stake. At the same time, M Macalline invested about 70% of its assets in this company, which will be the vehicle for M Macalline's listing plan.
Che revealed that prior to being listed, the company would look for second round financing.
After opening 46 home furnishing chain stores in 30 Chinese cities including Beijing, Shanghai, Tianjin, Chongqing, and Nanjing, M Macalline recently opened two new stores in Nanjing and Xuzhou. In addition, its fifth store in Shanghai is to open in Pudong soon. Che said the company planned to increase the number of its stores to 50 by the end of 2008 and the number will reach 80 in 2010. After completing the deployment of 150 stores in the Chinese market, M Macalline will extend its business to overseas markets.
M Macalline's revenue for the 2008 fiscal year is expected to reach CNY26.5 billion. The company has raised its sales goal from CNY29 billion to CNY39 billion for the coming year.
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