Xiangeqing to raise funds

Beijing Xiangeqing Group Co, a high-end restaurant chain, said Sunday that it plans to raise no more than 3.6 billion yuan ($576 million) through a private placement to venture into online business.

After the fundraising, the company will shift its main business to new media, big data and environmental protection sectors from the catering sector, the company said in a statement filed with the Shenzhen Stock Exchange on Sunday.

As the company has already established a high-end image among consumers, it is facing difficulties in turning to the mass dining market, the statement said.

The company recorded a loss of 560 million yuan in 2013, the worst business performance since its launch in 2007.