It is reported that CPMC encounters high levels of demand as two smaller cap companies succeed in raising capital.
Two Chinese small cap companies priced their Hong Kong initial public offerings raising a combined HKD 2.07 billion. Metal packaging company CPMC Holdings raised HKD 1.07 billion and China High Precision Automation Group tapped the market for HKD 1 billion.
CPMC sold 200 million primary shares at HKD 5.39 apiece the top of an indicative range that started at HKD 3.85. Retail investors flocked to the deal with the Hong Kong public offer approximately 200 times covered. This triggered the largest possible clawback and left 50% of the total offering in the hands of individual investors, up from the initial 10%. There were also three cornerstone investors who together took 16.5% of the deal. They were China Resources Company, CCB International Asset Management and JDB, which is also the company main customer.
So there wasn't much left for institutions the remaining 33.5% of the deal, approximately USD 46 million worth of shares, was split between 130 accounts. The institutional tranche was 60 times covered leading to a situation where a number of investors had their orders scaled back. All geographical regions were well represented.
One source said the company was popular for a couple of reasons.
1. Investors saw its key product metal containers as a proxy for Chinese consumption; if people buy more packaged products, CPMC will need to produce more containers.
2. International investors were comfortable with the company main shareholder, Cofco Group one of China largest food businesses which has a reputation for strong corporate governance.
The final price values the company at 18.6 times 2010 projected earnings. There are no direct comparables listed in Hong Kong, although some research reports compared CPMC to Hong Kong listed Chinese companies in the food and beverage sector, such as Tingyi Holdings and Want Want China which are trading at price-to-earnings multiples of around 15 times and 18 times respectively. There is also a US company in the same industry, Ball Corporation, which trades at around 12 times 2010 projected earnings.
The other company to price CHP raised HKD 1 billion. It is in the business of producing high precision industrial automation instruments, with a focus on the middle and high end of the market. Its main products are detectors, indicators and controllers. It also has a horological division, making the parts used in quartz watches.
CHP sold 250 million shares at HKD 4 each, in the bottom half of its indicative range of HKD 3.50 to HKD 4.80 a share. The final price left the book multiply times covered with an international investor base consisting mostly of long-only funds.
One of CHP main selling points was that it is not particularly exposed to one particular sector it sells instruments used in optics, healthcare, vehicles, industrial automation and electronics. And if, as some analysts believe, China manufacturing sector is becoming more sophisticated, CHP should perform well, because it will supply manufacturers in need of precision parts.
Both of these IPOs are relatively small companies in niche industries that are taking advantage of the rebounding markets to raise capital. And when it comes to aftermarket performance, such companies have performed somewhat better than their larger competitors.
http://steelguru.com/news/index/2009/11/14/MTIwMzE3/CPMC_and_China_high_precision_IPOs_raise_a_combined_USD_267_million.html
Friday, November 13, 2009
Friday, November 6, 2009
Intelligent Living Appointed Distributor of Home Automation Inc. Energy Conservation and Automation Products in Turkey
Intelligent Living Corp. ("ILVC"), (OTCBB: ILVC), a leading automation and technology solutions provider, utilizing green building practices, announced today that Home Automation Inc. (HAI) has appointed ILVC as their distributor for the Turkish market.
ILVC, through their Turkish partners, Kilia Teknoloji (www.akilliyasam.biz) is now distributing HAI products and providing technology know-how for energy conservation and automation projects in Turkey, including custom designed user interfaces.
"HAI's leading technology plus our capability to provide customized Turkish language display capability definitely give us a market leading solution," noted Murat Erbatur, P.Eng. COO of Intelligent Living. "HAI's Automation Studio software combined with the customizable user interface capability of their new 5.7 and 10 inch touchscreens, enables us to offer user interfaces in the Turkish and middle eastern languages. These features make us unique and greatly improve the appeal of our all-in-one automation control and entertainment systems in this very active market."
ILVC is also working with Smart Home Technologies Ltd. located in Israel which is developing Universal Power Buss light switches under license from PCS that are compatible with HAI controllers for use in 240v markets.
About ILVC (www.intelligent-living.us): Intelligent Living Corp, utilizing green building practices, specializes in designing, supplying, installing, upgrading and servicing home and commercial automation systems including: energy use monitoring and control, security, occupancy monitoring and access control, lighting and HVAC control, and distributed audio/video systems. The Company utilizes wire and wireless technology, and offers traditional component and Windows Media PC based architecture. ILVC, a member of the Canadian Green Building Council, has supplied custom IT solutions since 1994 and automation solutions since 2003. The Company has offices and demonstration suites in Phoenix and Vancouver.
About HAI (www.homeauto.com): HAI (Home Automation, Inc.) is a privately held manufacturer of integrated automation and security products for residential and commercial use based in New Orleans, LA. Incorporated in 1985, HAI has developed a full line of award-winning automation products, including home control systems, programmable communicating thermostats, smart light switches, Whole Home Audio systems, video surveillance equipment, touchscreen interfaces, and software that allow access and control of an automation system over the Internet. All products are sold through HAI's worldwide network of Distribution Partners and installed by trained dealers in over 80 countries.
About Kilia (www.kiliateknoloji.com.tr): Founded in 1988, Kilia Teknoloji is a leading supplier of state-of-the-art integrated security management systems, access control system and engineered EMI/EMC filter systems for secured telemetry to both Governments and industry. Kilia was responsible for the design, installation and commissioning of a high security remote monitoring and telemetry system at four of Turkey's international port facilities and recently completed installing access monitoring and home automation utilizing Moeller's Xcomfort system at the Gokturk Palm multi-unit residence development in Istanbul. Kilia is a member of ASIA International (www.asisonline.org) and is the exclusive agent for LCR Electronics in Turkey.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Intelligent Living, Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
http://money.cnn.com/news/newsfeeds/articles/marketwire/0556008.htm
ILVC, through their Turkish partners, Kilia Teknoloji (www.akilliyasam.biz) is now distributing HAI products and providing technology know-how for energy conservation and automation projects in Turkey, including custom designed user interfaces.
"HAI's leading technology plus our capability to provide customized Turkish language display capability definitely give us a market leading solution," noted Murat Erbatur, P.Eng. COO of Intelligent Living. "HAI's Automation Studio software combined with the customizable user interface capability of their new 5.7 and 10 inch touchscreens, enables us to offer user interfaces in the Turkish and middle eastern languages. These features make us unique and greatly improve the appeal of our all-in-one automation control and entertainment systems in this very active market."
ILVC is also working with Smart Home Technologies Ltd. located in Israel which is developing Universal Power Buss light switches under license from PCS that are compatible with HAI controllers for use in 240v markets.
About ILVC (www.intelligent-living.us): Intelligent Living Corp, utilizing green building practices, specializes in designing, supplying, installing, upgrading and servicing home and commercial automation systems including: energy use monitoring and control, security, occupancy monitoring and access control, lighting and HVAC control, and distributed audio/video systems. The Company utilizes wire and wireless technology, and offers traditional component and Windows Media PC based architecture. ILVC, a member of the Canadian Green Building Council, has supplied custom IT solutions since 1994 and automation solutions since 2003. The Company has offices and demonstration suites in Phoenix and Vancouver.
About HAI (www.homeauto.com): HAI (Home Automation, Inc.) is a privately held manufacturer of integrated automation and security products for residential and commercial use based in New Orleans, LA. Incorporated in 1985, HAI has developed a full line of award-winning automation products, including home control systems, programmable communicating thermostats, smart light switches, Whole Home Audio systems, video surveillance equipment, touchscreen interfaces, and software that allow access and control of an automation system over the Internet. All products are sold through HAI's worldwide network of Distribution Partners and installed by trained dealers in over 80 countries.
About Kilia (www.kiliateknoloji.com.tr): Founded in 1988, Kilia Teknoloji is a leading supplier of state-of-the-art integrated security management systems, access control system and engineered EMI/EMC filter systems for secured telemetry to both Governments and industry. Kilia was responsible for the design, installation and commissioning of a high security remote monitoring and telemetry system at four of Turkey's international port facilities and recently completed installing access monitoring and home automation utilizing Moeller's Xcomfort system at the Gokturk Palm multi-unit residence development in Istanbul. Kilia is a member of ASIA International (www.asisonline.org) and is the exclusive agent for LCR Electronics in Turkey.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Intelligent Living, Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
http://money.cnn.com/news/newsfeeds/articles/marketwire/0556008.htm
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