14 Jul 2014 08:00
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR AUSTRALIA
JIASEN INTERNATIONAL HOLDINGS LIMITED
嘉森國際控股有限公司
FIRST DAY OF DEALINGS on AIM
Jiasen International Holdings Limited ("Jiasen", "the Company"), together with its subsidiaries is a designer, manufacturer and wholesaler of wooden home furnishing, high-end solid wooden doors and other wooden design solutions to both the domestic Chinese and overseas market, is pleased to announce that the Company's ordinary shares have today been admitted to trading on the AIM market of London Stock Exchange plc ("Admission") and that dealings in the Ordinary Shares have commenced under the ticker symbol JSI.
The Company has raised approximately £2.33 million before expenses through a placing and subscription of 2,846,361 new Ordinary Shares at 82p per share (the "Issue Price") with institutional and other investors. At the Issue Price, the Company has a market capitalisation of £99.8 million on Admission.
Cairn Financial Advisers LLP is the nominated adviser and Hume Capital is the broker to the Company.
Weigang Chen, Chairman of Jiasen, said:
"This is a proud day in the history of Jiasen. We have developed a leading brand and consistently delivered robust financial growth using our wide distribution network. The developing trend towards semi-furnished properties in China means that Jiasen are in a prime position to benefit as we look to increase production and drive our expansion programme."
Further enquiries:
Jiasen International Holdings Limited
| Tan Kian
| +86 18016603993 |
Cairn Financial Advisers LLP (Nominated Adviser) | Jo Turner Liam Murray
| +44 (0)20 7148 7900 |
Hume Capital Securities plc (Broker) | Guy Peters | +44 (0)20 3693 1470
|
Cardew Group | Shan Shan Willenbrock David Roach Lauren Foster | + 44(0)20 7930 0777 |
The Admission Document is available on the Company's website at http://www.jsih.net/
Notes to Editors
· Jiasen (PRC) was established in 2001 and is based in Quanzhou City, Fujian province, located in south-eastern China. Its products are sold and marketed under the 'Fuyou' brand and produced in its 83,000 sqm factory in Nan'an City, Fujian province by its workforce of more than 1,400 employees. According to Euromonitor International Limited, Jiasen PRC, ranked first in terms of manufacturer sales value for the year ended December 31, 2012 within the high-end solid wooden doors segment in China, with an estimated market share of 6.1%.
· The Group's main products include doors, wall panels and assorted fixtures, such as fitted wardrobes, cupboards and skirting boards, and furniture which are sold principally to property development projects, through branded 'Fuyou' retail stores and to export markets to retailers such as B&Q in the UK. The Company's products are sold in three main segments: residential and property development projects, wholesale and export.
· In FY13, the Directors estimate the Company sold in excess of 300,000 solid wooden doors, fixture items and furniture pieces and generated Group revenue of RMB782.8million (circa £77.2million) and net profit after tax of RMB177.8million (circa £17.5 million).
Directors and senior management
The board of directors of the Company is comprised as follows:
Weigang Chen - Chairman | Age: 43 |
Mr Chen is responsible for the overall guidance and corporate development of the company. He has more than 7 years of experience in marketing and manufacturing doors in the PRC market. Mr Chen has a wide government and business network. He is the Representative of the 14th and 15th Quanzhou People's Congress, Vice President of Quanzhou First Overseas Chinese Entrepreneurs Association, Vice President of Nan'an Federation of Industry & Commerce and Honor Chairman of Nan'an Charity Federation. He is also the Honorary President of the UK Fujian Business Association. Prior to 2007, Mr Chen worked with Industrial and Commercial Bank of China, Guanqiao Branch in different divisions after his graduation in 1990.
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Jinji Chen - Chief Executive Officer | Age: 39 |
Mr Jinji Chen is well regarded as a leader in the doors, wooden furnishing industry. He is the President of Wooden Door Professional Committee of China Wood Circulation Association, President of Fujian Wooden Door & Window Association, President of China Furniture & Decoration Chamber of Commerce Professional Committee for Custom Household Woodwork, Fujian Outstanding Entrepreneur in 2011, Inspector of Nan'an Commission against Corruption, 2012 Man of the year of China Wooden Professional Committee of China Wood Circulation Association. Mr Chen holds a Higher Diploma in Business Administration from Beijing Language and Culture University.
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Kian Tan, BA, FCCA, ICPAS - Chief Financial Officer | Age: 41 |
Mr Tan qualified as Chartered Certified Accountant by ACCA whilst with Ernst & Young, Malaysia, in 1999 and later, in 2003, whilst with Deloitte, he qualified as a Certified Public Accountant in Singapore by ICPAS. Mr Tan has extensive public company experience and has held senior management and Group Finance Director roles in a number of quoted businesses and businesses seeking flotation on the Singapore Stock Exchange and the London Stock Exchange. Mr Tan's experience includes managing group investment and international development, pre-IPO consulting and leading group financial, compliance and reporting. Mr Tan is trilingual (Mandarin, Malay and English) and holds a BA in Accounting from the University of Strathclyde in the United Kingdom.
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Kean Eek ("Jeff") Teo, Bsc, MSc, CFA - Non-executive Director | Age: 46 |
Mr Teo has over 20 years of strategic planning and venture capital experience in the US, the PRC and Singapore. Mr Teo is the founder and Managing Director of Agile Partners Pte Ltd, an advisory and investment firm focused on the expansion, public listing and M&A activities of Chinese enterprises as well as managing a team of financial traders specialized in various Index Futures in Shanghai since 2010. Mr Teo was the Principal of Shanghai NewMargin Ventures (China) and was previously with Strategic Alliance Capital (Singapore), Household International Limited (USA) and Lattice Semiconductor Corporation (USA). Mr. Teo is the Independent Director of Asia Fashion Holding Limited (listed on Singapore Main Board). He was the Independent Director of Pharmesis International Limited (listed on Singapore Main Board) and Non-Executive Director of Bluestar Secutech Inc. and Sinosoft Technology Limited, both quoted on AIM, UK. Mr. Teo is a Chartered Financial Analyst (CFA) since 2000. Mr Teo graduated with a Master Degree in Engineering Economics System from Stanford University and a Bachelor Degree in Electrical Engineering from Arizona State University.
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Derrick Woolf, FCA, FIFT - Non-executive Director | Age: 67 |
Mr Woolf is an accountant who has been in public practice for over 40 years and has extensive experience of dealing with growing companies. He qualified as a charted accountant with Levy Gee in 1971 and was made a partner in 1974. He was senior partner when the accounting firm, Levy Gee was sold to AIM listed Numerica Group plc and subsequently joined the board of Numerica Group plc as a non-executive director. He has been a director at accounting firms Vantis, RSM Tenon and Baker Tilly and currently is an independent consultant and non-executive director of Capital Cash Limited. Mr Woolf also has experience of AIM quoted Chinese companies through his directorships with China Biodiesel International Holdings Limited, Natsun Holdings Limited and Bluestar Secutech Inc. He advises Chinese companies with their development and acquisition plans and helps companies set up in the PRC. | |