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Foot Massage Chain China Liangtse Said to Mull German IPO

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July 17 (Bloomberg) -- China Liangtse Wellness, a massage chain with more than 300 branches in China and Europe, is planning an initial public offering in Frankfurt, according to a person with knowledge of the process.

Liangtse, founded in Shandong, China, in 1997, plans to expand its business in Europe and seek a German listing as a part of that strategy, said the person, who asked not to be identified as the plans are private. Liangtse has branches in Germany, the U.K. and Finland, according to its website. While no final decision has been made on timing, size and valuation, the IPO may happen as early as this year, the person said.

Chinese companies are forging ahead with small new share sales in Germany even as Europe’s debt crisis has roiled IPO markets in the region. Among the six newly listed companies in Germany this year, five have ties to China.

Haikui Seafood AG and Goldrooster AG raised a combined 18.8 million euros ($23 million) in May, while Vange Software, a Chinese information technology service provider, fetched 26 million euros in June. Fast Casualwear AG and Ming Le Sports AG, two clothing manufacturers, raised 21 million euros in their IPOs this month.

Out of these newly listed Chinese firms, only Vange is trading above its initial price as of yesterday’s market close, according to data compiled by Bloomberg.

Eight IPOs have been announced for Germany so far this year, down 53 percent from the 17 announced in the same period a year earlier, according to data compiled by Bloomberg. At least two German firms postponed their IPO plans, including Evonik Industries AG, which planned to raise as much as 4 billion euros.

A call made to Liangtse’s office in Jinan, the capital of the northern Chinese province of Shandong, wasn’t answered outside of regular business hours.

To contact the reporter on this story: Zijing Wu in London at

To contact the editor responsible for this story: Jacqueline Simmons at

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