Investors Sink $15.5M into Chinese Grocery Stores
Posted April 07, 2008 11:15AM PST
Shell company Forme Capital reverse merged with a Chinese supermarket operator and raised $15.5 million in a private placement of convertible preferred stock and warrants. Investors included Vision Capital Advisors and Guerrilla Capital Management.
Forme merged with Speedy Brilliant Group, which controls Daqing Qingkelong Chain Commerce & Trade Co., an owner and operator of 18 supermarkets, one convenience store and one department store in northeast China's Heilongjiang Province.
Qingkelong generated $93.1 million in revenue in its 2007 fiscal year, $74.9 million in fiscal 2006, and $53.7 million in fiscal 2005.
