China Shoe Holdings, an independent Shanghai-based footwear manufacturer that sells mainly to China and Japan, has been negotiating with European private investors to raise funds that will finance the opening of its first retail stores. It would like to start with approximately 100 stores at the beginning of 2008, building up later on to as many as 1,000 doors through organic growth and through acquisitions. In the 2nd quarter ended June 30, the company’s revenues grew by 52.3 to US$1.95 million. Net income for the quarter reached US$196,000, up by 485 percent year-on-year.