Company Overview
| Stock Name | King's Flair |
|---|---|
| Stock Code | 06822 |
| Company Full Name | To be extracted |
| Industry | 厨具 |
| Principal Activities | 我們為廚具產品供應商，總部設於香港，主要從事設計、開發及供應種類繁多的廚具產品，包括工具及器具、杯具、烘焙器具及配件、食物製造產品以及貯存器皿及配件，主要售予北美洲、歐洲及亞洲的國際廚具產品品牌擁有人客戶。 |
| Listing Date | 2015-01-16 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 香港干諾道西3號億利商業大廈12樓 |
| Business Address (Hong Kong) | 香港干諾道西億利商業大廈12樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | kingsflair.com.hk |
| 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 | To be extracted |
|---|---|
| Offer Price | HK$ 1.38 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 0.01 / shares |
| Offer Period | To be extracted |
| Global Offering Shares | 175,000,000 shares |
| HK Public Offer Shares (Initial) | 17,500,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 157,500,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 700,000,000 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 241,500,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 268.1M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +3422% |
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78.3百萬港元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
HKD
Income Statement
| Item | 2013 |
|---|---|
| Revenue | 1,267,718 |
| Cost of sales | -1,057,635 |
| Gross profit | 210,083 |
| Other income and gains, net | 2,278 |
| Share of associates and JVs | 1,122 |
| Profit before tax | 129,931 |
| Income tax expense | -18,348 |
| Profit for the year | 111,583 |
| Profit attributable to owners | 107,707 |
Balance Sheet
| Item | 2011 | 2012 | 2013 | 2014-06 |
|---|---|---|---|---|
| Cash and cash equivalents | 69,660 | 128,388 | 136,650 | 141,940 |
| Trade and bills receivables | 121,273 | 117,035 | 160,258 | 189,550 |
| Inventories | 2,076 | 9,317 | 10,225 | 9,098 |
| Total current assets | 324,350 | 337,511 | 397,049 | 424,187 |
| Total assets | 362,353 | 373,398 | 458,500 | 482,616 |
| Total current liabilities | 204,967 | 185,392 | 238,134 | 274,462 |
| Total liabilities | 209,351 | 189,632 | 260,669 | 297,239 |
| Total equity | 153,002 | 183,766 | 197,831 | 185,377 |
| Equity attributable to owners | 144,476 | 175,561 | 194,441 | 183,292 |
| Interest-bearing borrowings | 42,228 | 27,847 | 35,158 | 26,851 |
Cash Flow Statement
| Item | 2011 | 2012 | 2013 | 2014-06 |
|---|---|---|---|---|
| Net cash from operating activities | 31,745 | 142,769 | 70,599 | 20,988 |
| Net cash from investing activities | 2,325 | 5,743 | -15,677 | -11,187 |
| Net cash from financing activities | -63,117 | -89,663 | -47,109 | 760 |
| Net increase in cash | -29,047 | 58,849 | 7,813 | 10,561 |
| Purchase of PP&E | -2,217 | -1,717 | -4,129 | -6,044 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 1.04 |
|---|---|
| First Day Open | HK$ 1.48 |
| First Day Change | -24.64% |
| First Day Volume | 83458000.0 |
| First Day Turnover | 108240000.0 |
| Use of Proceeds | 1、約10.7百萬港元（或占所得款項凈額約5%），用以拓展客戶基礎、以現有客戶提升現時目標市場的滲透率以及進軍東歐、非洲及南美等富吸引力的新市場（不包括受制裁國家）相關的費用；
2、約47.2百萬港元（或占所得款項凈額約22%）將用作提升產品設計、開發及工程技術，其中：
2.1、約20%將用作提升及獲得設計、開發及工程團隊的技術、軟件及硬件；
2.2、約50%將用于約10種類型產品的設計、重新設計、開發及鑄模，包括但不限于儲存、工具及器具及食物制造；
2.3、約30%將用于申請涵蓋美國、中國、歐洲（不包括受制裁國家）及日本的有關產品的機械專利及設計專利；
3、約32.2百萬港元（或占所得款項凈額約15%），用以擴展我們的中國業務，其中：
3.1、約80%將作為在中國的宣傳及廣告、設立旗艦店（二零一五年底前于上海開設一間旗艦店）及拓展零售銷售網絡的成本；
3.2、約20%將作為拓展我們在中國的電子商貿業務的成本；
4、約96.5百萬港元（或占所得款項凈額約45%），用于上市后約12個月內購入額外辦公室物業以擴充我們的香港總部。
5、約6.4百萬港元（或占所得款項凈額約3%），用以提升資訊科技基礎設施，以促進我們的業務營運及拓展；
6、約21.5百萬港元（或占所得款項凈額約10%），用作營運資金及一般企業用途。
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Underwriting Syndicate
Sole Sponsor (1)
VBG Capital Limited CE AME341
Joint Bookrunners (3)
Joint Lead Managers (3)
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 黃少華 | — |
| Company Secretary | 布天柱 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 黃少華先生透過First Concord及City Concord持有75%權益；鄭曉航女士持有First Concord 40%權益及配偶權益，合共持有75%權益。 |
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