DGAP-News: Joyou AG: Joyou makes successful stock market debut
(firmenpresse) - Joyou AG / IPO
30.03.2010 13:16
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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Frankfurt, 30 March 2010. Joyou AG, a leading manufacturer of bathroom,
kitchen and other faucets and a specialist in other sanitary ware products
in China, started trading successfully today at the Frankfurt stock
exchange. The first share price of 14,75 Euro was 13,5 percent higher than
the placement price of 13,00 Euro. At EUR 14.75 the market capitalisation
of Joyou amounts to more than EUR 350 million.
'The successful start on stock market confirms the tremendous interest
shown by German and international blue chip investors in our company,' says
Jianshe Cai, CEO of Joyou AG. 'We are delighted that so many investors have
found our story convincing. We are looking forward to build a long term
relationship with our shareholders.'
The issue volume amounts to about EUR 105 million including EUR 14 million
from over-allotment. The company will be receiving gross proceeds of EUR 91
million from the placement. The free float will amount to about 33.6
percent on the basis of the fully exercised Greenshoe option.
A total of 8,050,000 shares were placed in the Joyou AG IPO. 7,000,000 of
these shares originated from a capital increase against cash contributions
and 1,050,000 shares originated from the Greenshoe Shareholders in
connection with an over-allotment (Greenshoe).
With this IPO Joyou realized the largest capital raise of any Chinese
company in Germany so far.
The offering was more than two times over-subscribed and the shares were
allocated as follows: Approx. 50 percent of the shares were allocated to
investors from UK. Approx. 30 percent went to German investors and some 20
percent to investors from other European countries such as Switzerland as
well as to investors from Hongkong and Singapore.
Macquarie Capital (Europe) Limited and China International Capital
Corporation Hong Kong Securities Limited (CICC) acted as Joint Global
Coordinators and Joint Bookrunners. WestLB AG and DZ BANK AG acted as
Co-Lead Managers.
About Joyou
Joyou (ISIN DE000A0WMLD8, WKN A0WMLD, Ticker Symbol JY8) designs, produces
and sells faucets and other sanitary ware products in China under its brand
name 'Joyou' and is also engaged as a OEM/ODM-manufacturer for
international brands and trading companies in the United States and Europe
as well as other emerging markets. Joyou is one of the leading single-brand
manufacturers of bathroom, kitchen and other faucets in China in terms of
revenues (according to BSRIA). Joyou has established an extensive
distribution network in China with 2,527 retail points of sales as of 31
December 2009. Joyou's operating facilities are based in Nan'an near
Quanzhou in Fujian Province in China. Joyou's five main product groups sold
in its own brand business are bathroom faucets, kitchen products, shower
products as well as other bathroom products and other faucets and sanitary
hardware. In 2009, Joyou realised group revenues of EUR 172.3 million, an
operating profit (EBIT) of EUR 39.0 million and a net profit of EUR 22.3
million employing on average 2,529 persons.
Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to
buy securities of Joyou AG. The shares have already been sold.
This document is not an offer of securities for sale or a solicitation of
an offer to purchase securities in the United States. The shares of Joyou
AG (the 'Shares') have not been registered under the U.S. Securities Act of
1933, as amended (the 'Securities Act') and may not be offered or sold in
the United States unless registered under the Securities Act or pursuant to
an exemption from such registration. There will be no public offering of
the Shares in the United States and the Shares will not be registered under
the Securities Act.
This document is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) to investment
professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (the 'Order') or (iii)
high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as 'relevant persons'). The Shares are
only available to, and any invitation, offer or agreement to subscribe,
purchase or otherwise acquire such securities will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or
rely on this document or any of its contents.
This document has been delivered to you on the basis that you are a person
into whose possession this document may be lawfully delivered in accordance
with the laws of the jurisdiction in which you are located and you may not
deliver this document to any other person and you agree not to copy or
retransmit this document or its contents. In particular, this document may
not be forwarded or retransmitted to any person located in the United
States, Canada, the People's Republic of China or Japan.
The information in this document is subject to change and does not purport
to be a complete description of new shares or the offer. The syndicate
banks accept no liability whatsoever for any direct or consequential loss
arising from the use of this document. To the maximum extent permitted by
law, the syndicate banks and their respective directors, officers and
employees shall have no liability whatsoever for any loss or liability of
any kind arising in respect of the information contained, or not being
contained, in this document. The syndicate banks and their respective
directors, officers and employees may, from time to time, have long or
short positions in, buy or sell (on a principal basis or otherwise), and
may act as market makers in, the securities or derivatives, or serve as a
director of any companies mentioned herein. In addition, the syndicate
banks may be serving or have served as a corporate adviser and/or manager
of a public offering of securities by any such company. The syndicate banks
will receive fees for acting in that capacity.
Macquarie Capital (Europe) Limited is not an authorised deposit-taking
institution for the purposes of the Banking Act 1959 (Commonwealth of
Australia), and Macquarie Capital (Europe) Limited's obligations do not
represent deposits or other liabilities of Macquarie Bank Limited ABN 46
008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide
assurance in respect of the obligations of Macquarie Capital (Europe)
Limited.
For further information, please contact:
Kirchhoff Consult AG
Dr Kay Baden, tel.: +49 40 60 91 86 0, baden(at)kirchhoff.de
Janina Wismar, tel.: +49 40 60 91 86 50, janina.wismar(at)kirchhoff.de
or visit the company website at: http://www.joyou.com
30.03.2010 13:16 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Joyou AG
Chilehaus A, Fischertwiete 2
20095 Hamburg
Deutschland
Phone:
Fax:
E-mail: ian.oades(at)joyou.net
Internet: www.joyou.de
ISIN: DE000A0WMLD8
WKN: A0WMLD
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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Datum: 30.03.2010 - 07:16 Uhr
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