Fengshui gets a makeover- IPO
According to FT, a Singapore company, New Trend Lifestyle Group, plan to list on the Alternative Investment Market in London on 28th June 2012(hope it has chosen an auspicious date) with IPO price of 8 pence (another auspicious number), the company offers Feng Shui, Tarot divination and matchmaking services using Bazi. NTL has a revenue of ￡ 6.1 million and profit before tax of ￡ 1.4 million in the latest financial year (quite lucrative). The listing will allow it to grant share options to Feng Shui “masters” and other “key employees” so as to retain customers which include Citigroup and Standard Chartered”. It plans to open more branches in China using IPO proceeeds.
Fengshui industry has been a highly fragmented industry dependent on the reputation of the Feng Shui “masters”. In China, it is a old profession but still not officially recognised although it is patronised by many businessmen and politicians. Can a makeover help to raise the profile of the industry? Will there be more copycats? Can a Singapore Fengshui company succeed in China, “selling coal to Newcastle”?
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