On 1 February 2016, the application for non-public offering (the “Offering”) filed by Shanghai New World Co., Ltd (stock code: 600628, “Shanghai New World”) was passed and approved by the Issuance Examination Committee of CSRC.

Shanghai New World is a China time-honored brand boasting more than 90 years’ history. It has more than 10 wholly-owned companies or holding subsidiaries.  The company has achieved substantial development in more than 20 years since its restructuring, in particular: sales, profits and taxes increased by more than 200 times and commercial net assets increased by nearly 3,000 times as compared with the year of 1988; more than 30 trillion retail sales, more than RMB 3 trillion taxes and 10 trillion commercial fixed assets has been created for more than 10 years. It also had great achievements in the construction of material civilization, spiritual civilization and political civilization: it was awarded more than 160 honors one after another, such as “National Model Company”, “National Advanced Company on the Spiritual Civilization Cultivation”, “National Excellent Enterprise on the Ideological and Political Work”, “National Award for Labor”, “National Integrity Unit”, “National Award for Commercial Quality”, and “National Award for Quality”.  Shanghai New World aims to develop itself into a first-class department store in Shanghai and around the nation as well.

Meanwhile, it’s worth mentioning that the purpose of the fund raising and investment of Shanghai New World is to facilitate the upgrade and transition of the company from department store industry to large health industry.  It will make every effort to develop large health industry at the same time when it refines and strengthens the main industry - department store industry, in order to procure that both two industries - department store industry and Chinese medicine industry will promote its development.  It sets out to upgrade new commercial industry when the traditional retail industry is stagnant.

Grandall Shanghai Office has been retained as the legal counsel for the Offering, with Ms. Zhang Jun, Ms. Tang Jie and Ms. Fei Xiaqi being key lawyers offering professional services for the project.