Annunciation will raise 800 million new funds to set up 178 stores

The Annunciation recently confirmed that its stock issuance program was approved by the CSRC's Issuance Review Committee. This approval marks a significant step forward for the company as it moves to expand its operations through new store openings.

According to an earlier announcement, the 107th working meeting of the CSRC's 2009 Issuance Review Committee reviewed the company’s public offering of A-shares on October 16, 2009. The committee conditionally approved the share issue, subject to certain requirements being met.

In July this year, the company outlined its fundraising plan, which includes issuing up to 65 million additional shares, with total funds raised not exceeding RMB 800 million. The capital will be used to significantly expand the company's retail network. Specifically, the plan includes opening 18 image center stores, 80 sales centers, and 80 fashion stores. Once completed, the project is expected to add 178 new Annunciation chain stores, increasing the total sales area by 46,400 square meters.

As of June 2009, the company operated 668 Annunciation brand outlets, along with 73 S.ANGELO fashion stores. This expansion is expected to further strengthen its market presence and enhance customer accessibility in key urban areas across China.

With this new funding, Annunciation aims to accelerate its growth strategy and solidify its position in the competitive retail sector. The company has expressed confidence in the long-term benefits of this expansion, which is expected to drive both revenue and brand recognition in the coming years.