New World Department Store China Limited (“NWDS” or the “Company”; Hong Kong stock code: 825), one of the largest owners and operators of department stores in the PRC, is pleased to announce that the company was accredited as Asia’s 200 Best Under A Billion by Forbes Magazine.

The Forbes Asia’s 200 Best Under A Billion Award Presentation Ceremony was held at Amara Sanctuary Resort Sentosa in Sentosa Island, Singapore. Hailed by business leaders and celebrities in the region, the awards were presented by Mr. Christopher Forbes, Vice-Chairman of Forbes Inc, Mr. Mike Barclay, CEO of Sentosa Development Corporation and Mr. Albert Teo, CEO of Amara Holdings Limited that night. Ms. Rebecca Woo, Corporate Affairs Director of NWDS represented the Company to receive the award during the presentation ceremony.

Ever since its establishment in 1993, NWDS has been expanding its business network in Mainland China. Both NWDS’s reputation and profitability reached new heights after its successful listing on the Main Board of The Stock of Exchange in Hong Kong in July 2007. With the honor of Asia’s 200 Best Under A Billion, NWDS is further proved to be well recognized and highly commendable internationally in its profitability, market position and corporate governance. Drawn from 25,864 publicly listed companies with less than USD $1 billion in sales in Asia-Pacific region, the 2008 Forbes’ Asia’s 200 Best Under A Billion list were culled from companies with consistent growth of sales, net profit, profit margin, return on equity (ROE) and earnings per share (EPS) over the past 3 years. The list served as a guide to investors in picking companies with sound financial foundation and outstanding sales performance. According to Forbes Magazine, members of the 2008 list could withstand the pitfalls of early 2008 to increase their sales and profits despite the slumping worldwide economy. These companies have proven themselves capable of navigating the stormy economies with solid business foundation and healthy financial status.

Mr. Adrian Cheng, Executive Director of NWDS, said, “We are most honored to receive this accolade from Forbes Magazine, the world’s renowned business magazine. This honor not only marked the Company’s success in establishing a good brand reputation in China, but also attracted awareness and recognition from international media, which in turn, further consolidates NWDS as the leading department store operator in Mainland China.”

Mr. Philip Cheung, Executive Director and Managing Director of NWDS, added, “The accreditation of Asia’s 200 Best Under A Billion is the results of the concerted efforts of our staff as well as the continuous support from our business partners and customers. Through optimizing merchandise mix, reinforcing market position and consistently implementing our ‘multiple presences in a single city’ and ‘radiation’ expansion strategies, the Company aims at further sharpening its competitive edges, so as to boost its operational efficiency and profitability.” 

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