Chinese foot massage firm finds a listing niche on Australian bourse

Traditional Chinese medicine is set to spread its wings to overseas bourses, with a Chinese foot massage company looking to list its shares on the Sydney-based Australian Securities Exchange.

According to an ASX announcement, Traditional Therapy Clinics Ltd which owns the Hong Kong-registered China Fuqiao Healthcare Co Ltd, will be listed on the Australian bourse on Monday. China Fuqiao Healthcare, in turn, holds a 100 percent stake in Fuqiao (Chongqing) Holdings Co Ltd, which is the fastest-growing foot therapy massage brand in China.

TTC plans to raise A$15 million ($10.7 million) through an initial public offering of 30 million shares priced at A$0.5 each. The proceeds will be used to "fund expansion plans, brand promotion, expansion of franchisee network, and enhancing corporate governance standards", the company said in a statement.