Wuhan Zhongshang buys Alibaba-backed home-improvement chain

Chinese retail conglomerate Wuhan Zhongshang Commercial Group has acquired Easyhome New Retail, according to sources familiar with the matter.

Easyhome, an Alibaba-backed home-improvement chain, is likely to go public on the strength of the deal.

Wuhan Zhongshang will become the Chinese-listed firm’s controlling shareholder, with Alibaba and 22 other investors also owning stakes.

A recent report asserted that Wuhan Zhongshang would purchase the new retail unit by issuing 6 billion shares at CNY6.18 (US92c) per share, resulting in a valuation of 36.3–38.3 billion yuan (US$5.35–5.65 billion) and a backdoor listing on the Shenzhen bourse.

Reports have suggested Easyhome is eager to sidestep the traditional IPO listing process against a lethargic IPO market and a lengthy regulatory approval queue.


Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

Inside Retail Polls

What do you think of the new Zara logo?

    FREE NEWS BRIEFS Get breaking news delivered