Source: China Golden Phoenix International (Holdings) Limited

2013年06月27日 17:43
来源：亚太商讯

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China Golden Phoenix International (Holdings) Limited Announces Details of Proposed Listing on the Main Board of Hong Kong Stock Exchange

Hong Kong, June 27, 2013 - (ACN Newswire) - One of China's largest non-porous crystalised stone manufacturers, China Golden Phoenix International (Holdings) Limited ("China Golden Phoenix" or the "Group") today announced the details of its proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited (the "HKSE").

A total of 280,000,000 shares will be issued under the Share Offer, of which 90%, representing 252,000,000 shares (including 222,000,000 New Shares and 30,000,000 Sale Shares), are for International Placing and the remaining 10%, representing, 28,000,000 shares, are for the Hong Kong Public Offer. Subject to over-allotment option, the Group can allot and issue up to not more than 42,000,000 additional New Shares based on the offer price, representing approximately 15% of the initial number of Offer Shares under the International Placing.

Assuming there is no exercise of the Over-allotment Option and the Offer Price is HK$2.00 per share (the mid-point of the indicative offer price range of HK$1.00 and HK$3.00 per Offer Share) the net proceeds raised by the New Issue will be approximately HK$471,000,000.

The Hong Kong Public Offer will begin on 28 June 2013 (Friday) and end at noon on 4 July 2013 (Thursday). The final offer price will be announced on or before 11 July 2013 (Thursday) and allotment results will be announced on 16 July 2013 (Tuesday) respectively. Trading of China Golden Phoenix's shares will commence on the Main Board of the HKSE on 17 July 2013 (Wednesday) under the stock code 1337. The shares will be traded in board lots of 2,000 shares.

Guotai Junan Capital Limited is the sole sponsor of global offering, and Guotai Junan Securities (Hong Kong) Limited is the sole global coordinator, bookrunner and lead manager of the listing.

Mr Sui He Zuo, Chairman of China Golden Phoenix, said, "Since our establishment in 2003, China Golden Phoenix has become one of the leaders in the non-porous crystalised stone market within China. We captured approximately 40.0% of the total sales volume in the PRC's non-porous crystalised stone market in 2012. Listing on the HKSE is a major step forward, providing us with more capital to accelerate our business development in China and further consolidate our market leadership."

Leading the non-porous crystalised stone market in China with a 40% market share

Non-porous crystalised stone is an attractive alternative to non-renewable resources such as marble and granite for building renovation and decoration materials. The Group has launched the first generation crystalised stone (named "Phoenix Stone") in 2005. Over the years, it has continued to improve the functional performance of its products. Its second generation and third generation Phoenix Stone were launched in 2007 and 2011 respectively, incorporating even greater functionality with a wider scope of applications. The products can also now be utilised as sanitary ware and kitchenware, flooring, table tops and interior and exterior building walls. The Group's total sales volume for non-porous crystalised stone reached 1.36 million square metres in 2012, accounting for the largest (approximately 40.0%) market share of non-porous crystalised stone.

Highly automated and efficient production facilities

The Group has two production facilities in Hengfeng and Yunshan, located in Jiujiang City, Jiangxi Province, the PRC. The four production lines of the Hengfeng Production Facilities are in full operation with a maximum annual production capacity of 1.96 million square metres as at 2012. The Yunshan Production Facilities are also expected to have four production lines. The construction of production line 1 has been completed and it has commenced operation in February 2013. Production line 2 is expected to commence operation in September 2013 and production lines 3 and 4 to both commence operation in the second half of 2014. The Group's maximum designed annual production capacity for 2013 and 2014 is 3.88 million square metres and 5.48 million square metres, respectively.

Based on understanding both customer requirements and the market, the demand for the Group's products is set to continue. In view of the expansion of production capacity as a result of the Yunshan Production Facilities, in 2013, the Group entered into framework agreements with several key customers. The total indicative minimum sales volume under the framework agreements signed to date for 2014 is 2.03 million square metres, representing approximately 46.9% of the Group's estimated maximum designed annual production capacity in 2014 and 42.6% of the forecasted market demand for non-porous crystalised stone in the PRC in 2014.

Moreover, the Group's highly automated production facilities and their own patented technologies in the production process enable the Group's gross profit margin of the products to improve from 38.5% in 2010 to 43.6% in 2011 and further to 47.1% in 2012.

Strong R&D capabilities

The Group has a dedicated team of 47 research and development staff focusing on product development and improvement of its production technologies and process. The Group has a total of three registered patents, one of which is an invention patent and is used in the production of 3G Phoenix Stone. In late 2012, the Group developed a non-porous crystalised stone in black and ivory, thereby expanding its product offering and boosting its leadership position in the crystalised stone industry.

Mr Zhu Xin Ming, President & Executive Director concluded, "To capture the outstanding opportunities in the markets for crystalised stone and other stone materials, the Group will expand our production capacity, improve our production technologies and increase production efficiency. We will also optimise our product line and continue to leverage our own patented technologies to improve the functional performance. In this way we can expand the application of crystalised stone to other areas. Meanwhile, the Group will actively explore developing a new customer network as it aims to become a world-leading non-porous crystalised stone manufacturer"

Use of Proceeds

Assuming no exercise of the Over-allotment Option and that the Offer Price is HK$2.00 per share (the mid-point of the indicative offer price range of HK$1.00 and HK$3.00 per Offer Share) the estimated net proceeds of approximately HK$471,000,000 from the New Issue will be applied for the purposes stated below:

To build production lines 3 and 4 at the Yunshan Production Facilities and purchase automated machinery and equipment for four new production lines -- 65.6%

To establish a research and development centre, recruit research and development staff, and purchase additional and upgrade existing product testing and research equipment -- 8.5%

To work with selected wholesalers with the aim to boost the exposure of our brand and products -- 6.4%

To boost brand recognition and brand value through advertising in appropriate media -- 8.5%

General working capital -- 11.0%

About China Golden Phoenix International (Holdings) Limited

China Golden Phoenix International (Holdings) Limited is a manufacturer of non-porous crystalised stone based in Jiangxi Province, the PRC. The Group manufactured approximately 1.46 million square metres of non-porous crystalised stone in 2012, capturing a market share of approximately 40.0% in that segment within the PRC in terms of total sales volume and approximately 4.2% of market share in terms of sales volume in the overall crystalised stone sector. It offers three series of non-porous crystalised stone, namely 1G Phoenix Stone, 2G Phoenix Stone and 3G Phoenix Stone, all marketed under its " and "KING BIRD" brands. The Group's extensive sales network covers customers in the PRC and overseas customers in Hong Kong, Brazil and the UAE.

Contact:Strategic Financial Relations LimitedMs. Brenda Chan+852 2864 4833brenda.chan@sprg.com.hkMs. Angela Ng+852 2864 4855angela.ng@sprg.com.hk Ms. Jovanni Cai+852 2114 4937jovanni.cai@sprg.com.hk

June 27, 2013

Source: China Golden Phoenix International (Holdings) Limited