Asian Spectator

i.century Holding Limited Announces Details of Proposed Listing on the GEM of SEHK

  • Written by ACN Newswire
i.century Holding Limited Announces Details of Proposed Listing on the GEM of SEHK
HONG KONG, Mar 29, 2018 - (ACN Newswire) - i.century Holding Limited (the "Company", together with its subsidiaries, "i.century" or the "Group"), a Hong Kong based apparel service chain management ("SCM") services provider, today announced the details of its proposed listing on the Growth Enterprise Market ("GEM") of The Stock Exchange of Hong Kong Limited ("SEHK").

Offering Detailsi.century intends to offer a total of 120,000,000 Shares, comprising 108,000,000 Placing Shares (subject to reallocation) and 12,000,000 Public Offer Shares (subject to reallocation) at an indicative Offer Price ranges from HK$0.50 and HK$0.60 per Offer Share. After deducting the related expenses, and assuming an Offer Price of HK$0.55 per Offer Share (being the mid-point of the indicative Offer Price range), net proceeds from the Share Offer are estimated to be approximately HK$29.9 million.

The Public Offer commenced from 9:00am today (29 March 2018) and will end at 12:00 noon on 6 April 2018 (Friday). The final Offer Price and results of allocation are expected to be announced on 13 April 2018 (Friday). Trading of Shares is expected to commence on the GEM of SEHK on 16 April 2018 (Monday) under the stock code 8507. Shares will be traded in board lots of 4,000 Shares each.

Messis Capital Limited is the Sole Sponsor, while Astrum Capital Management Limited and Quasar Securities Co., Limited are the Joint Bookrunners and Joint Lead Managers of the Listing.

Investment HighlightsProvision of full spectrum of apparel SCM servicesi.century is a reliable SCM service provider with a full spectrum of apparel SCM services ranging from product development, sourcing and procurement of raw materials, production management, quality control to logistics arrangement. The Group also places strong emphasis on quality control measures to ensure the products meet customers' standards consistently which will continue to be the key to the Group's success in building customer confidence and loyalty.

Established business relationships with renowned international trendy brandsLeveraging the Group's knowledge and experience in the apparel industry, it has established stable business relationships with key customers. According to Frost & Sullivan Report, the Group's key customers are renowned international trendy brand customers such as Animal, Billabong, Element, Primitive, Ripple Junction, Roark Revival, and X-Large. These business relationships generate synergy effect which helps to boost the Group's reputation and allow it to attract more renowned customers of similar tier.

Ability to provide a wide range of apparel products and accessories with flexible manufacturing solutionsThe Group possesses knowledge and experience to assist customers to manufacture a variety of apparel products for different product lines. During the Track Record Period, its key products included jackets, woven shirts, pullovers, pants and shorts, T-shirts, and other products such as vests and accessories, including socks and bags. Moreover, it has relatively flexible requirement on the minimum order quantity which helps to further widens the reach of customers and capture more business opportunities in the competitive apparel product market.

Management team with extensive apparel industry knowledgeThe management team brings years of apparel industry knowledge and experience to the Group. Mr. Wilson Leung, Co-founder, Chairman, Executive Director and Chief Executive Officer of the Group, has over 29 years of experience in the apparel industry particularly in the U.S. and European markets. Ms. Tam Shuk Fan, Co-founder and Executive Director, has been managing the Group's financial and administrative matters since the Group established. Ms. Chan Sheung Ping, the Group's Chief Operating Officer, has over 25 years of experience in merchandising field of apparel industry. With the knowledge and experience of its core management team, the Group is able to formulate and execute sound business strategies and lead the Group to develop successfully.

Future StrategiesStrengthening customer relationships and enhancing market presence by setting up representative offices in the U.S. and FranceThe Group plans to strengthen its customer relationships and enhance market presence in the U.S. and Europe, where its major customers are situate at, by setting up two representative offices, one in Los Angeles, the U.S. and one in Paris, France. The representative offices will serve the functions as a showroom to display its latest product samples and fabric samples for customers' review, a venue to have meeting with customers as well as an office for its sales staff. It is believed that this could help demonstrate product development capabilities to potential customers and enhance its corporate image in major markets Moreover, the overseas sales team would be able to provide more timely response and support to its major customers.

Establishing a quality control office in the PRCThe Group believes that product quality is the foundation for building trust and confidence of customers thus quality control is an important part of its services. Therefore, to cope with growth while maintaining a consistently high standard of product quality, the Group plans to set up a quality control office in the city of Ningbo of Zhejiang Province, the PRC and recruit additional quality control personnel and merchandisers who will be responsible for conducting on-site inspection and monitoring the production progress respectively. The Group considers this step will strengthen competitiveness and building customers' confidence in service quality, as to further enhance its reputation as a reliable apparel SCM service provider.

Use of ProceedsBased on the Offer Price of HK$0.55 per Offer Share (being the mid-point of the indicative Offer Price range), net proceeds from the Share Offer (after deducting the relevant portion of the underwriting fees and estimated expenses in connection with the Share Offer to be borne by the Group) are estimated to be approximately HK$29.9 million. The Group intends to allocate the net proceeds for the following purposes:

Purpose / Percentage Setting up representative offices in the U.S. and France: 65.4%Establishing a quality control office in the PRC: 15.1%Repaying bank borrowings: 13.4%General working capital: 6.1%Total: 100.0%

About i.century Holding LimitedEstablished in 2008, i.century Holding Limited (the "Group") is a Hong Kong based apparel SCM services provider with services ranging from product development, sourcing and procurement of raw materials, production management, quality control to logistics arrangement. With years of knowledge and experience, the Group provides a wide range of apparel products and accessories with flexible manufacturing solutions. Its products were sold to over 30 countries specifically in the U.S. and France as the largest markets.

Media Enquiries:Strategic Financial Relations LimitedVicky Lee Tel:(852) 2864 4834 Email: [email protected]Isabel Kwok Tel:(852) 2864 4824 Email: [email protected]Adrianna Lau Tel:(852) 2114 4987 Email: [email protected]Website: http://www.sprg.com.hk[1][2][3][4]

Topic: Press release summarySectors: Daily Finance, Daily News[5][6] http://www.acnnewswire.com From the Asia Corporate News Network

Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

References

  1. ^ [email protected] (www.acnnewswire.com)
  2. ^ [email protected] (www.acnnewswire.com)
  3. ^ [email protected] (www.acnnewswire.com)
  4. ^ http://www.sprg.com.hk (www.sprg.com.hk)
  5. ^ Daily Finance (www.acnnewswire.com)
  6. ^ Daily News (www.acnnewswire.com)

Authors: ACN Newswire

Read more http://www.acnnewswire.com/press-release/english/42512/

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