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Peking-Duck Chain's IPO Starts Wave
中国餐饮业上市潮一“鸭”当先
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.
历史最悠久的北京烤鸭连锁店──中国全聚德（集团）股份有限公司(China Quanjude Group Co., 简称：全聚德)即将在中国饮食服务连锁业的上市热潮中打响第一枪。
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.
这家国有企业的第三次首次公开募股(IPO)申请于上月晚些时候获得了批准。该公司计划在深圳证交所发行至多3,600万股以人民币计价的A股。现在有越来越多的中小企业选择在深圳证交所上市。
The move could mark the beginning of a significant change in China's fragmented food-services sector.
中国的饮食服务业历来犹如一盘散沙，不过全聚德的上市标致着这种情况将出现明显改变。
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.
分析师表示，其它餐饮类企业将会密切关注IPO对全聚德业务的影响。但上述分析师也警告称，那些具有“中国特色”的固有难题将不会迎刃而解。在中国，饮食行业利润率较低，而且全国知名品牌的建立依旧颇有难度。
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.
全聚德在传统中餐饭店中处于相对高端的位置，其极富盛名的招牌菜北京烤鸭──荷叶饼卷烤鸭薄片──倍受游客青睐。这款菜肴起源于南京，后得名为北京烤鸭，并在全球范围内打响了知名度，被视为最具传统特色的中国美食之一。
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.
全聚德的开店时间可追溯至清朝年间，至今已拥有143年的历史，它表示自己每年出售的烤鸭多达300万只，去年的净利润和销售收入分别达到了人民币5,666万元（合750万美元）和人民币6.656亿元。过去三年中，全聚德的销售及利润增幅平均达到了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拥有十家自营店，以及61家特许经营店，其中有五家开在了香港、东京及缅甸等中国大陆以外的市场。公司今年第一季度销售收入达到了人民币1.884亿元，净利润为2,562万元。公司并未披露上年同期的数据。
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.
当全聚德完成IPO之后，它将成为中国大陆第一家上市的饭店连锁企业。在中国，绝大多数的饭店连锁企业要么是独立的家族式经营，要么完全属于国有。
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.
全聚德在募股说明书中表示，公司希望通过上市来帮助自己扩展业务，运用所筹集资金提升食品加工能力、扩大在特许经营店中的投资，并在明年奥运会举行前整修两家位于北京的连锁店。该公司拒绝就此发表评论。
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.
还有几家连锁餐饮企业计划追随全聚德的上市脚步。它们当中包括，预计明年在香港上市的内蒙古小肥羊餐饮连锁有限公司(Inner Mongolia Little Sheep Catering Chain Ltd.)，以及计划今年晚些时候或明年上市的东来顺集团(Donglaishun Group Co.)等。这些企业的上市相关细节信息都未获证实。
