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China group buys into True Group; IPO on cards

US$36.7m investment in Singapore-based fitness operator paves way for expansion across China

With the deal signed, Mr Wee said he now has his eyes on the main cities such as Shanghai and Beijing, and other larger cities in the western part of China. He is also open to the possibility of pursuing an initial public offering on the Hong Kong Stock Exchange within the next two years or so.


HONG Kong-listed Tongfang Kontafarma has acquired a sizeable stake in Singapore-based fitness and wellness provider True Group for US$36.7 million in cash, a move that paves the way for the latter to significantly expand its presence across China.

The deal, announced on

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