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

The Annunciation announced today that its stock issuance program has been approved by the China Securities Regulatory Commission’s (CSRC) Issuance and Examination Committee. The company plans to raise RMB 800 million through this offering, with the funds intended for the expansion of its retail network. Specifically, the capital will be used to open 178 new stores across different formats, including image centers, sales centers, and fashion stores. According to an official announcement, the CSRC's Issuance Review Committee held its 107th meeting of 2009 on October 16, 2009, and reviewed the company’s public offering of A-shares. The review concluded with a conditional approval, indicating that the company met the necessary regulatory requirements but may need to fulfill additional conditions before the offering can proceed. In July of this year, the company outlined its plan to issue up to 65 million additional shares, with total fundraising capped at 800 million yuan. The primary goal of this capital raise is to enhance the company’s market presence by expanding its store network. The expansion includes 18 image center stores, 80 sales centers, and 80 fashion outlets. Once completed, the project is expected to add 178 new Annunciation-branded stores, along with an additional 46,400 square meters of retail space. As of the end of June 2009, the company operated 668 Annunciation brand stores and 73 S.ANGELO fashion stores. This expansion is seen as a strategic move to strengthen its position in the competitive retail market and support long-term growth.

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