(Yicai Global) March 30 -- Wumei Technology Corp, owner of two of China’s biggest supermarket chains Metro China and Wumart Stores, has filed for an initial public offering on the Hong Kong stock exchange.

No details were given about the amount to be raised and the number of shares to be offered in the filing to Hong Kong Exchanges and Clearing yesterday.

Wumei Tech, also known as WM Tech, operates 462 Wumart supermarkets and 97 Metro hypermarkets across China. Some 81 million people use its Wumart app which accounted for 70 percent of the chain’s sales last year.

Beijing-based Wumei Tech bought an 80 percent share in German wholesaler Metro’s China business in April 2020 for CNY11.9 billion (USD1.8 billion). All Metro China malls have since joined the group’s Dmall online grocery platform and one third are now offering home delivery services, with the remainder expected to follow suit by next month at the latest.

As of the end of February, Metro China’s monthly orders had increased 64 times from last June and the number of online orders made up 40 percent of all purchases as of March.

The group intends to open another 200 Wumart stores this year, mainly around Beijing and in eastern China, the Beijing Daily reported today, citing a company executive. The firm will continue to promote digital infrastructure, make further inroads into fresh produce and open more small community fruit and veg shops under the ‘New Mart’ brand, it said.

The pandemic has not dented the company's sales. Profit was up 37.9 percent in 2020 from the year before to CNY8.9 billion (USD1.4 billion), the firm said in the filing. Revenue jumped 71.7 percent to CNY39.1 billion (USD6 billion).

Editor: Kim Taylor