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Peking-Duck Chain's IPO Starts Wave
中國餐飲業上市潮一“鴨”當先
The owner of China's oldest Peking-duck restaurant brand, Quanjude (Group) Co., is set to be the first in a wave of Chinese food-services chains that plan to go public.
歷史最悠久的北京烤鴨連鎖店──中國全聚德（集團）股份有限公司(China Quanjude Group Co., 簡稱：全聚德)即將在中國飲食服務連鎖業的上市熱潮中打響第一槍。
The state-owned company was approved late last month for its third attempt at an initial public offering. It plans to issue as many as 36 million yuan-denominated Class A shares on the Shenzhen Stock Exchange, which increasingly lists small and midsize companies.
這家國有企業的第三次首次公開募股(IPO)申請于上月晚些時候獲得了批準。該公司計劃在深圳證交所發行至多3,600萬股以人民幣計價的A股。現在有越來越多的中小企業選擇在深圳證交所上市。
The move could mark the beginning of a significant change in China's fragmented food-services sector.
中國的飲食服務業歷來猶如一盤散沙，不過全聚德的上市標致著這種情況將出現明顯改變。
Analysts say other food-services companies will be watching closely to see what the IPO does for Quanjude's business. But they caution that it will still be difficult for the restaurant chain to overcome inherent difficulties that come with operating in China, where dining profit margins tend to be low and it remains difficult to build a brand with nationwide appeal.
分析師表示，其它餐飲類企業將會密切關注IPO對全聚德業務的影響。但上述分析師也警告稱，那些具有“中國特色”的固有難題將不會迎刃而解。在中國，飲食行業利潤率較低，而且全國知名品牌的建立依舊頗有難度。
Quanjude, a relatively higher-end traditional Chinese restaurant frequented by tourists, is famous for its Peking duck, or roasted duck that is sliced and eaten in a tortilla-like wrap. The dish, which was originated in Nanjing and later named for the former transliteration of the capital city of Beijing, is known throughout the world and considered one of China's most traditional specialties.
全聚德在傳統中餐飯店中處于相對高端的位置，其極富盛名的招牌菜北京烤鴨──荷葉餅卷烤鴨薄片──倍受游客青睞。這款菜肴起源于南京，后得名為北京烤鴨，并在全球范圍內打響了知名度，被視為最具傳統特色的中國美食之一。
Touting a 143-year-old legacy dating to the Qing dynasty, the restaurant says it sells three million ducks a year, and posted a 56.66 million yuan ($7.5 million) net profit last year on sales of 665.64 million yuan. Sales and profit grew an average of 22% over the past three years.
全聚德的開店時間可追溯至清朝年間，至今已擁有143年的歷史，它表示自己每年出售的烤鴨多達300萬只，去年的凈利潤和銷售收入分別達到了人民幣5,666萬元（合750萬美元）和人民幣6.656億元。過去三年中，全聚德的銷售及利潤增幅平均達到了22%。
Quanjude has 10 restaurants, including outlets in Beijing and Shanghai, and 61 franchise restaurants, five of which are outside the mainland in Hong Kong, Tokyo and Myanmar. Sales for the first quarter this year totaled 188.4 million yuan, with a net profit of 25.62 million yuan. Year-earlier figures weren't available.
全聚德在北京和上海擁有十家自營店，以及61家特許經營店，其中有五家開在了香港、東京及緬甸等中國大陸以外的市場。公司今年第一季度銷售收入達到了人民幣1.884億元，凈利潤為2,562萬元。公司并未披露上年同期的數據。
When Quanjude completes its IPO, it will be one of the first mainland-based restaurant chains to have done so. Most restaurant chains in China are either independent family-run operations or completely state-owned.
當全聚德完成IPO之后，它將成為中國大陸第一家上市的飯店連鎖企業。在中國，絕大多數的飯店連鎖企業要么是獨立的家族式經營，要么完全屬于國有。
The company is hoping that the exposure and capital raised from its IPO will help it expand its empire by funding increases in food-processing capacity and investing more in its franchised restaurants, as well as renovations in two of its Beijing stores in time for the Olympics next year, according to its prospectus. The company declined to comment.
全聚德在募股說明書中表示，公司希望通過上市來幫助自己擴展業務，運用所籌集資金提升食品加工能力、擴大在特許經營店中的投資，并在明年奧運會舉行前整修兩家位于北京的連鎖店。該公司拒絕就此發表評論。
Several other chains are planning to follow Quanjude's lead, including Inner Mongolia Little Sheep Catering Chain Co., which expects to list in Hong Kong early next year, and Donglaishun Group Co., which may plan its listing later this year or next year. Details of their offerings haven't been confirmed.
還有幾家連鎖餐飲企業計劃追隨全聚德的上市腳步。它們當中包括，預計明年在香港上市的內蒙古小肥羊餐飲連鎖有限公司(Inner Mongolia Little Sheep Catering Chain Ltd.)，以及計劃今年晚些時候或明年上市的東來順集團(Donglaishun Group Co.)等。這些企業的上市相關細節信息都未獲證實。
