Hanwang plans 60 stores for e-books
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Hanwang Technology Co, which raised 1.3 billion yuan (US$166 million) in a Shenzhen initial public offering last month, said yesterday it plans to open 60 customer experience stores nationwide this year to display and promote e-book reader products and online bookstore services.
Hanwang opened a flagship store in Shanghai during the weekend, the first of 60 stores planned. The store displays the firm's e-book readers and online bookstore services, which are free to buyers of Hanvon products.
"The (Shanghai) flagship store helps us consolidate distribution channels in East China and improve Hanvon's brand awareness," said Wang Bangjiang, vice president of Hanwang, the Beijing-based e-book and office electronics manufacturer.
The global e-book market will grow more than 124 percent annually on average until 2013 with revenue at US$2.5 billion, according to United States-based research firm NextGen.
Hanwang provides users free online book resources, unlike Amazon which charges US$9.90 to download a book in its online store.
Hanwang will use the money raised from the IPO on projects including e-book reader and handwriting recognition on portable devices. In 2009, its revenue was 581 million yuan, with e-book sales taking 67 percent.
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