Beverage firm plans listing

A HONG Kong-Guangdong joint-venture beverage company is planning a listing soon.

Luo Song-mao, general manager of Guangdong Apollo (Group), said the company had invited financial institutions, including Standard Chartered Asia, to carry out the necessary work for the Hong Kong listing.

The company has fixed assets of more than one billion yuan (about HK$1.34 billion at the official rate) with pre-tax profits of more than 200 million yuan last year. It returned industry and commerce tax of about 40 million yuan to Beijing.

Mr Luo said the company expected to earn a similar profit this year.

Dongguan Health Products Manufactory holds 55 per cent of the Apollo group, Hong Kong's Daily Chance 40 per cent and Guangdong Xin Xin Technology Development five per cent.

Mr Luo said the listing depended upon the outcome of Beijing's austerity measures.

and the preparatory work.