Veg-fruit processor HK$192m share bid

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Last updated at: (Beijing Time) Wednesday, December 31, 2003

Veg-fruit processor HK$192m share bid

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Riding on booming demand for mainland stocks, Fujian-based vegetable and fruit processor China Green announced yesterday it aimed to raise HK$192 million (US$24.6 million) in Hong Kong in mid January.

China Green will offer 150 million shares at an issue price of HK$1.28 per share.Ninety per cent of the shares will be placed to institutional investors and the rest will be for public offer.

The public offer will begin on Wednesday and trading will commence on January 13.

China Green, established in the eastern Chinese province in 1998, sells vegetables and fruits not only in the country but also to Japan, the United Kingdom and the Philippines. The market in Japan accounts for 80 per cent of its overall turnover.

The company's turnover stood at 258 million yuan (US$31.1 million) and its net profit at 117 million yuan (US$14.1 million) for the financial year ended April 30. During the period, its fully diluted price/earning ratio was 6.96 times.

It plans to use net proceeds from the listing, which are estimated at HK$175 million (US$22.4 million), to establish facilities for dehydrated vegetable processing, expand cultivation bases and conduct research and development on preservation technology.

Also yesterday, another listing candidate SJTU Sunway Software Industry, a Beijing-based software company, said it would sell 70 million shares at a price range between HK$0.43 each and HK$0.46 each.

The share deal is expected to begin trading at the Growth Enterprise Market on January 9.

The company engages in developing software products in information security, Internet application, entertainment and translation software. Its turnover was HK$40.6 million (US$5.2 million) and net profit was HK$8.76 million (US$1.12 million) in 2002.

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