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Hong
Kong, Feb 25 (Bloomberg) -- E-commerce Logistics
Group, which manages warehouses in China, Hong
Kong, and Taiwan, set up a venture with Huaxin
Group Co., China's biggest distributor of drinks
and food, to help run its warehouses.
Huaxin
Group, which isn't publicly traded, owns 2 million
square feet of warehouses and more than 300 trucks
in the world's most populous country, said Simon
Hsu, chairman and chief executive of E-commerce
Logistics said in an interview. It had sales of
2 billion yuan ($241.6 million) last year.
E-commerce
expects revenue to double to about HK$200 million
in 2003 from last year, Hsu said.
"If
everything works out well, we're anticipating
profit of HK$8 million to HK$10 million this year,"
he said.
The
company plans to start trading its shares in Hong
Kong in the next 12 months, Hsu said. It has been
approached by several investment banks to manage
the initial public offer, he added, declining
to be more specific.
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