Goubuli plans public float to fund expansion

Tianjin's 150-year-old food brand Goubuli is seeking a more vibrant future in the capital market to finance its expansion plans.

According to the announcement released by Tianjin Goubuli Food Co Ltd, the company is planning to issue 30 million shares on the National Equities Exchange and Quotations, or better known as the New Third Board.

The eatery company is known for its uniquely flavored baozi, or steamed buns and considered a brand ambassador of the traditional North China cuisine. Tianjin Goubuli Food posted revenue of 40.82 million yuan ($6.38 million) in the first five months of this year, while the net profit during the same period was 3.47 million yuan. However, its revenue declined to 74.07 million yuan last year from 92.91 million yuan in 2013.