Yue Yuen to benefit from spin-off
China-based athletic and casual footwear Yue Yuen hopes to make $157 from the proposed spin-off of its Pou Sheng unit on the Hong Kong Stock Exchange. Pou Sheng will be listed on the exchange from April 9.
In connection with the proposed spin-off, the Yue Yuen Group will undergo the reorganisation so that the Pou Sheng Group will be principally invoved in the retail business and the retained group will be principally engaged in the OEM/ODM business.
Pou Sheng was incorporated in Bermuda with limited liability on November 14, 2007, and is currently a wholly-owned subsidiary of Yue Yuen. It is a leading sportswear retailer in China, and ran 1,324 retail outlets in the country as at December 31. Its retail network in the Greater China Region also includes 79 retail outlets in Hong Kong and Taiwan. Pou Sheng distributes sportswear products for a range of international and domestic sportswear brands in China, offering an array of sports footwear, apparel and accessories. Its brand portfolio includes brands such as Nike, Adidas, Li Ning, Kappa, Reebok, Puma, Converse, Hush Puppies, Nautica, Wolverine and Asics.
