Nanjing Central Emporium Group Stocks (600280), an operator of department stores and warehouses, said effective controller, natural person Zhu Yicai is making a tender offer to all shareholders of the company in order to consolidate his control, reports Chinese Securities Journal.

The comes a few days after the China Securities Regulatory Commission revised rules governing stake increases by shareholders owning more than 30 percent of listed companies, reducing the lockup period for share purchases of up to two percent per year, from 12 months to six months.

Zhu plans to spend up to 376 million yuan to acquire 13.92 million shares, or a stake of 9.7 percent, at 27 yuan per share, and has remitted a deposit of 75.17 million yuan into an account designated by the Shanghai Securities Depository and Clearing Corporation.

Zhu currently holds a direct stake of 17.94 percent, and an indirect stake of 29.49 percent interest through Jiangsu Dihua Industrial Group. He thus holds a total interest of 47.43 percent in Nanjing Central Emporium.

Zhu was the chairman of Jiangsu Yurun Food Industrial Group. He currently chairs Jiangsu Dihua Industrial Group, Yurun Holding Group and is the president of China Yurun Food Group (1068.HK).

During the first three quarters of 2011, Nanjing Central Emporium posted a 25 percent year-on-year increase in sales revenue to 4.3 billion yuan, while net profit rose 181 percent to 49 million yuan.