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Introduction to the Market Company of Zhejiang China Light & Textile Industrial City Group

　　The Market Company is a subordinate branch of Zhejiang China Light & Textile Industrial City Group Co., Ltd. The Market Company consists of one office and eight departments (General Manager Office,

Market Development Department, Information Service Department, Financial Department, Shops Transaction Department, South Zone Property Department, North Zone Property Department, Clothes Market Department and Tianhui Property Department). This company is in charge of the development, leasehold and property management of the East, West and North, 3 main transaction areas, the Tianhui Plaza as well as the Clothes Market shops. China Light & Textile Industrial City Group Co., Ltd. was founded in March 1993. Since 1994, the corporation has been selected as one of the “100 experimental units for modern enterprise system” at national and provincial level, “Zhejiang Five-Set large-Scale Enterprise Group”; and was granted with the honorable titles such as “Shaoxing Five-star Enterprise” and “Zhejiang Four-star Enterprise”.
　　As early as 1980s when China Light & Textile Industrial City was a “cloth street”, it was supported by Shaoxing county government who assessed the situation and established some important principles and policies, including introducing the stands to the market. Under the guidance of the government, it has developed from China’s first indoor specialized market in light and textile products to the largest distribution center of textile products in Asia within 20 years. Currently, China Light & Textile Industrial City boasts 4 principal transaction areas and 19 specialized markets, among which there are 12 textile markets, 1 light & textile industrial materials market and 5 textile machinery and light industry products markets. It covers a total land area of 523000 square meters with a floor space of 760000 square meters and has over 16000 shops and attracts over 10000 trading companies. The East, West and North Markets play a center role in the city, which occupy a total floor space of 220000 square meters and more than 6400 trading companies. Over 30000 people do businesses in the city, over 100000 people visit it, more than 10000 kinds of fabrics are traded, 63 financial networks are operated and more than 2 billion yuan are deposited everyday.
　　In 1992 the textile market assumed the current name “China Light & Textile Industrial City” with the official approval of China Bureau of Industry and Commerce. In 1993 the corporation was reorganized to a joint-stock enterprise and became China’s first joint-stock enterprise reorganized from a large-scale specialized wholesale market. In February 1997, the corporation completed its initial public offering at Shanghai stock exchange. In 1999, the corporation was awarded by Zhejiang Bureau of Industry and Commerce “The three-star model market in Zhejiang” and later in the same year, it was listed “national key markets” by State Economic & Trade Commission. In 2002, the corporation ranked No. 1 in trading volume among 100 biggest textile, clothing, headwear and footwear markets in China. In 2003, in the evaluation done by Zhejiang Bureau of Industry and Commerce, the east transaction area of this city was honored as “The four-star model market”. With the ongoing improvement and upgrade of the facilities of the market, the trading volume increased continuously

which climbed from 1988’s 76 million yuan to 2005’s 27.6 billion yuan. The corporation has ranked No.2 in trading volume among 10 biggest specialized markets in China for consecutive 14 years. It is now the largest-scale wholesale market specialized in textile material, which has the most complete range of products and the highest trading volume in the world.
　　In October 2003, the group corporation signed an assets-transfer agreement with Shaoxing Jinggong Real Estate Co., Ltd. and accepted the Clothes Market of China Light & Textile Industrial City. This market consists of three parts (Clothes Market, Footwear and Leather Wholesale City, and Huaneng Department Store) with totally 43770 square meters business space, 1620 shop rooms and 10 transaction sections. According to the 1999 evaluation done by Zhejiang Bureau of Industry and Commerce, the Clothes Market of China Light & Textile Industrial City was awarded the “two-star” market and the Footwear and Leather Wholesale City was awarded “three-star”.
　　In March 2004 the group corporation invested over 600 million yuan to win the development and management franchise of the United Markets and officially lay the cornerstone to build it in July. The United Market of China Light & Textile Industrial City, with 5 floors on the ground and 2 floors underground (altogether 160000 square meters floor space), is designed and constructed in accordance with high standards. The Markets is jointly invested and founded by the group corporation associated with social investors. It is constructed for the need of international development and in term of modern commercial demand models. In the light of the advanced design concepts of international large-scale commercial center, the United Markets is equipped with central air conditioner, escalator, sightseeing elevator, business center Wide Band, as well as independent sanitation for each shop. Moreover, there is large underground parking lot. Vehicles can arrive at every floor of the market. All of aforementioned features reflect the market’s people-oriented characteristics as a modern market, which are resource-sharing, information-exchangeable, transport -convenient and perfect in ancillary facilities. The United Markets is due to complete its construction in 2005. At that time, it will emerge as a large modern specialized market; in which modern business concepts (products display, technological service, information exchange and logistics) syncretize commercial culture, traditional transaction, and domestic trade coexist with B2B transaction and international trade.
　　In April 2004, the group corporation invested another 140 million yuan through its own funds and bank financing acquired the full ownership of Zhejiagn Tianhui Real Estate Co., Ltd. in way of shares transfer. Therefore, the group corporation took Tianhui Market, a subordinated company of Tianhui Real Estate Co., Ltd, into its unified management and expanded its market scale. Tianhui Market, with a total floor space of approximately 120000 square meters and 1200 business rooms, is mainly engaged in the trade of fabrics such as colored cloth, curtain and cotton cloth both on B2B term and in traditional way.
　　In 2005, the trading volume of the Light & Textile Industrial City was up to 27.62 billion yuan and 2.73 billion meters various chemical fabrics were traded with 7.9 billion yuan in international trade, accounting for 28.6% of the total.
　　Looking forward, China Light & Textile Industrial City Group Co., Ltd. will maintain the spirit of keeping the pace with the times, and blaze new trials to upgrade the market and perfect its service in accordance with the “two centers” strategic objectives and requirements of Shaoxing county and county government to build itself into an international textile manufacturing center and trade center; and the corporation’s working guideline to transfer the mechanism, change the concept, seize the opportunity, quicken the development, expand the market, enhance the core business, improve the management and reestablish the image. Based on the idea of “building the big market” and Shaoxing’s comparative advantage in textile industry, the corporation will facilitate the interactive development among market, industry and information in pursuit of maximizing the economic benefits, and spare no efforts to realize the great-leap-forward development of the enterprise.
　　