Company Overview
| Stock Name | Tsaker Ne |
|---|---|
| Stock Code | 01986 |
| Company Full Name | To be extracted |
| Industry | Industrial Goods |
| Principal Activities | 我們是世界最大的用作重要染料及顏料中間體的多種精細化學品生產商，主要生產DSD酸、DMSS、DMAS等染料及顏料中間體，產品用於造紙、紡織、油漆、塑料等行業。 |
| Listing Date | 2015-07-03 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 北京市朝陽區吉慶里14號佳匯國際中心A座6層 |
| Business Address (Hong Kong) | 銅鑼灣勿地臣街1號時代廣場2座36樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | tsaker.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 4.01 / shares |
| Offer Price Range | To be extracted |
| Lot Size | 500 shares |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2015-06-23 to 2015-06-26 |
| Global Offering Shares | 125,000,000 shares |
| HK Public Offer Shares (Initial) | 12,500,000 shares (10.0%) |
| Public Offer Lots (Initial) | 25,000lots (Pool A12,500lots，Pool B12,500lots) |
| International Placing Shares (Initial) | 112,500,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 500,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 8.4% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 501,250,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 872.7M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +982% |
Valuation & Financials
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約人民幣171.5百萬元 |
| Period-End Cash Balance | 人民幣95.5百萬元 |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2012 | 2013 | 2014 |
|---|---|---|---|
| Revenue | 830,161 | 863,969 | 897,477 |
| Cost of sales | -594,203 | -606,936 | -555,242 |
| Gross profit | 235,958 | 257,033 | 342,235 |
| Other income and gains, net | 31,270 | 21,392 | 15,894 |
| Selling and distribution expenses | -26,400 | -26,477 | -25,289 |
| Administrative expenses | -52,480 | -43,517 | -89,675 |
| Net finance costs | -26,234 | -20,749 | -11,634 |
| Profit before tax | 153,676 | 174,331 | 226,234 |
| Income tax expense | -24,987 | -41,343 | -54,720 |
| Profit for the year | 128,689 | 132,988 | 171,514 |
| Profit attributable to owners | 103,459 | 109,440 | 144,859 |
Balance Sheet
| Item | 2012 | 2013 | 2014 |
|---|---|---|---|
| Cash and cash equivalents | 46,701 | 21,113 | 95,471 |
| Trade and bills receivables | 173,854 | 167,342 | 147,663 |
| Inventories | 79,474 | 89,434 | 60,383 |
| Total current assets | 586,214 | 483,577 | 321,142 |
| Total assets | 841,291 | 750,606 | 704,488 |
| Total current liabilities | 416,035 | 396,187 | 359,806 |
| Total liabilities | 453,287 | 425,118 | 397,642 |
| Total equity | 388,004 | 325,488 | 306,846 |
| Equity attributable to owners | 314,960 | 275,688 | 306,846 |
| Interest-bearing borrowings | 253,299 | 133,246 | 81,000 |
Cash Flow Statement
| Item | 2012 | 2013 | 2014 |
|---|---|---|---|
| Net cash from operating activities | 182,563 | 152,508 | 287,344 |
| Net cash from investing activities | -21,482 | -46,880 | -120,759 |
| Net cash from financing activities | -159,012 | -131,087 | -92,371 |
| Net increase in cash | 2,069 | -25,459 | 74,214 |
| Depreciation of PP&E | 24,938 | 29,310 | 31,419 |
| Purchase of PP&E | -36,273 | -57,877 | -111,419 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 4.06 |
|---|---|
| First Day Open | HK$ 3.8 |
| First Day Change | 1.25% |
| First Day Volume | 18224500.0 |
| First Day Turnover | 73381600.0 |
| Use of Proceeds | 1、約50%或267.6百萬港元將用于擴大產能；
2、約10%或53.5百萬港元將用于開發新產品，如ONT、OT、2B酸及4B酸等；
3、約25%或133.8百萬港元將用于收購ONT/OT下游制造商及/或其他化學品制造商；
4、約5%或26.7百萬港元將用于支付租賃東奧生產廠房（包括我們可能租賃的額外資產）的租金；
5、約10%或53.5百萬港元將用于補充營運資本。 |
Underwriting Syndicate
Sole Sponsor (1)
海通国际资本有限公司 CE ADQ859
Overall Coordinators (1)
海通国际证券有限公司 CE AAF806
Joint Lead Managers (7)
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 文轩宏泰(深圳)投资合伙企业(有限合伙) | 168,227,520 HKD | — | 8.39% | — | 6 months | 2016-01-03 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 戈弋 | — |
| Company Secretary | 王艷玲 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Cavalli（由戈弋先生全資擁有）緊隨全球發售及資本化發行後持有333,904,000股，佔66.8%；戈弋先生通過Cavalli持有66.8%權益；Wider Pacific持有6.1%；文軒宏泰持有8.2%。 |
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