Baisheng Commercial Group Co., Ltd. (the “Company”) is a leading retail operator of national fashion lifestyle in the People's Republic of China (“China”). The Baisheng brand entered the Beijing market in the early 1990s and now operates and manages a diverse mix of retail formats, including department stores, shopping malls, city outlets, concept store “Parkson Beauty” and supermarkets. As of December 31, 2022, through the Company's subsidiaries, joint ventures and associated companies (hereinafter collectively referred to as the “Group”), the Group operated and managed 42 department stores and 2 Baisheng Premium City Plaza in 28 cities in China and Laos. Localization and consistent market positioning are Baisheng's main strategies to record continued growth and success. The Group uses each department store as a benchmark to adjust product mix, brand mix and business area allocation to better serve mid-range and high-end target consumers in the cities where the Group operates. The Group provides a series of fashion and lifestyle products from internationally renowned brands. These products are divided into four categories, namely “fashion and clothing”, “cosmetics and accessories”, “household goods and appliances”, and “food and fresh goods”, specially designed for young and fashionable people.
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