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Chinese spa/fitness center operator gets cash infusion of $10 million
SOKO Fitness & Spa Group Inc., an operator of spas, fitness centers and beauty salons in northeast China and suburban Beijing, has netted $10 million from a private stock placement that it intends to use to accelerate its growth plans.
“This cash infusion, our first since going public two years ago, significantly augments our balance sheet and offers us the near-term flexibility to capitalize on strategic opportunities to develop and acquire additional facilities,” says SOKO ceo Tong Lui.
The company had previously announced plans to open seven to nine new facilities this year. With the additional funding in place, the company says that number will increase, but did not specify by how much.
SOKO said the private-placement stock offering was made to select institutional and accredited investors, including two affiliates of IDG Capital Partners and existing investor Guerilla Capital and its affiliates.
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