The company was approved by Letter No. 12 of the Xiang Administration Office of the General Office of the People's Government of Hunan Province (1996). The company was jointly initiated by five shareholders, the former Changsha Dongtang Department Store, the Changsha Communications Development Corporation, the Changsha Electric Power Administration, the Changsha Municipal Water Company, and the Xiangjiang Hotel Co., Ltd. to be established from the public. The company was registered with the Hunan Administration for Industry and Commerce on August 10, 1996, and its shares were listed and traded on the Shenzhen Stock Exchange on August 16, 1996. The company's main business is commercial retail, financial credit services, hotel management, modern logistics and property management and operation. The company's main products and services include sales of electrical appliances and department stores, hotel travel, pawnbrokers, microfinance, and factoring. Corporate honors: Hunan Civilized Unit, Hunan Famous Trademark, Honest Taxpayer Class A Enterprise, Consumer Trustworthy Unit, Advanced Unit for Safeguarding the Legitimate Rights and Interests of Consumers, Famous Chinese Brand Enterprises, National “100 Cities, Ten Thousand Stores, No Fakes” Demonstration Store, National Low-Carbon Demonstration Store, National Youth Civilization Number, National Harmonious Commercial Enterprise and Outstanding Brand of Chinese Listed Companies.