TIDMNBU
RNS Number : 1129M
Naibu Global International Co PLC
13 September 2012
13 September 2012
Naibu Global International Company Plc
("Naibu", "the Company" or "the Group")
Interim Results
Naibu, the AIM traded branded sportswear manufacturer and
supplier (ticker: NBU.L), is pleased to announce its unaudited
interim results for the six months ended 30 June 2012.
Highlights
-- Another half-year of strong growth and product innovation as
the Naibu brand continues to attract new buyers across the younger
generation in China.
-- Fresh demand for sportswear clothing and accessories is
driving growth ahead of traditional sales of footwear.
-- Plans are well in hand for new Group-owned production
facility in Western or Central China, close to exciting, untapped
markets.
Financial highlights
Group sales revenues RMB 0.8 billion +16.6%
Pre-tax profit RMB 185.0 million +19.3%
Group total assets RMB 1.0 billion +11.3%
For further information please contact:
Naibu Global International Company Plc
Kenny Law, Chief Financial Officer
Tel: +86 591 8820 5517/ +86 150 5948 7576/ +65 91060910
Daniel Stewart & Company plc
(Nominated Adviser & Broker)
Paul Shackleton / Jamie Barklem / Martin Lampshire
Tel: +44 (0) 207 776 6550
Notes to Editors
The Company was incorporated in Jersey on 15 December 2011 and
was admitted to trading on AIM in April 2012.
The Naibu business was established by its founder, Huoyan Lin,
in 2005, and is headquartered in Fuzhou, the capital city of Fujian
Province, China. It has now become China's 10(th) largest
sportswear brand, with manufacturing and design facilities, a wide
distribution network and an extensive chain of branded Naibu
outlets.
Nearly 2,940 Naibu stores can be found in cities across 21 of
China's provinces and three of its municipalities, and the Company
is planning an expansion programme to take it into new provinces in
the near future. Focused vision and solid commitment to growth
meant that by 2008 the Naibu brand was named in the
independently-compiled World Brand Lab Top 500 Most Valuable
Chinese Brands survey, and during 2011 the Company was identified
by the consulting group Frost & Sullivan as China's 10th
largest sportswear brand. Today, the Group is strongly entrenched
in the Chinese sportswear market, with sales during the six months
period to 30 June 2012 rising to approximately RMB 0.8 billion up
16.6% from RMB 0.7 billion during the same period for 2011.
Chairman's statement
I am pleased to report to shareholders of the Company that the
steady growth shown by its financial results has laid a solid
foundation for achieving the Group's business objectives in
2012.
Operational review
The Group's half-year sales achieved a year-on-year increase of
16.6% to reach a record RMB 789.0 million (approximately GBP 79.0
million). Pre-tax earnings for the same period showed a
year-on-year increase of more than 19.3%, rising to RMB185.0
million (approximately GBP 18.5 million).
As China's 10(th) largest sportswear brand, the Group's AIM
admission has further enhanced brand awareness, while strengthening
the Group's position within China's sports consumer goods
market.
The Group's primary target market is second and third tier
cities in China where, through urbanisation, the disposable income
of young consumers is on the increase. Our strategy is to use the
growing awareness of the Naibu brand to further expand market share
in our target market. The Group's interim results reflect the
growing recognition of our brand within that target market.
As previously announced, the Group is currently on track with
its plans to build an additional shoe production facility in
Western or Central China, as foreshadowed in our Annual Report for
the year ended 31 December 2011 and we expect to make a final
decision during the current year.
Product range and sales
In 2012 H1, the Group continued to design, manufacture and
supply Naibu branded sports shoes, and to design and supply Naibu
branded clothing and sports accessories. During the period, the
Group offered over 400 Naibu-branded products, ranging from tennis
shoes and sports socks to rucksacks, basketballs and tennis
rackets. The sales and marketing of these products is targeted at
mass-market buyers, in particular consumers between the ages of 12
and 35, across three separate product lines under the "Vital Campus
","Urban Business Travel" and "Holiday Leisure" brands. The
proportion of sales across the Vital Campus series decreased
slightly to account for around 87.0% of the Group's sales (down
from 90.0% in 2011 H1), while sales of the other two product lines
increased to around 13.0% (2011 H1: 10.0%).
During the first half of 2012, the sale of shoes accounted for
approximately 51.9% of the Group's revenues (2011 H1: 52.5%),
clothing accounted for 46.0% (2011 H1: 45.7%), and sales of
accessories made up the balance.
Shoes continued to account for the majority of the Group's
sales, with first half-year sales of RMB410.0 million, accounting
for 51.9% of the Group's total sales. The sale of shoes increased
by 15.5% compared to the same period last year, which is slightly
lower than the overall increase in sales of 16.6%. This sales
growth is attributable to increases in both sales volume and unit
selling price. In fact, unit price increases in shoes contributed
about two-thirds of the sales growth for shoes sales.
The growth in sales of clothing and accessories was also
significant. Sales in the first half of the year was RMB 379.1
million, accounting for 48.1% of the Group's total sales. The sales
growth of accessories such as rucksacks, caps, socks and balls has
been very significant with a revenue increase of RMB 3.7 million,
representing a 30.1% increase compared to the same period last
year. Most of the growth stemmed from increases in unit prices. The
contribution from price increases for clothing sales accounts for
more than one-third of the growth. Overall clothing sales has
reached RMB 363.0 million, representing an increase of 17.4%
compared to the same period in the previous year.
The sales increase in clothing and accessories were mainly
attributable to the efforts made by Naibu branded stores. The
Group, for many years, has provided training to Naibu branded
stores on how to constantly improve their services, to exhibit
different series of accessories and to provide rigorous training to
high-quality in-stores sales teams. Consequently, when customers
are in Naibu stores and are looking at our footwear, the sales
teams are trained to encourage them to consider also our clothing
and accessory ranges and vice versa.
In summary, the sales growth of 2012 H1 mirrored the pattern of
2011 H1, with growth in both unit quantity and selling price. The
Group has made significant progress in terms of brand positioning,
product design and marketing.
The Group also successfully expanded its sales network, with the
five major distributors between them achieving a sales increase of
nearly 17.0% over the same period last year.
By doing so, the Naibu brand has been further enhanced, while on
the other hand, in those regions where the Group has yet to fully
establish a sales network, we are now well-positioned to strengthen
local resources and open new outlets. These areas are gradually
catching up with and even surpassing the sales growth rate of the
Group's developed markets.
During 2012 H1, the Group maintained relationships with 25
distributors, while the number of Naibu stores increased to 2,939.
Through investment in television and other media advertising, Naibu
branded products have gained popularity and captured market share,
which in turn has enhanced the enthusiasm of our distributors to
expand their scale of operations. There were 69 new stores opened
by distributors and sub-distributors during 2012 H1.
Research and development
The Group continued to maintain a strong R&D team of around
93 staff at its Shishi factory, responsible for the design of all
shoes and clothings, and are overseen by me personally. The R&D
team comprises three divisions respectively covering product
design, product development and technology development. It creates
two season collections each year ("Spring and Summer" and " Autumn
and Winter "). We successfully launched a number of new designs in
the 2012 seasonal fairs. Naibu's distributors remained crucial to
the R&D process during the year, providing market feedback and
views on forward sales potential. The department plans to launch
over 400 new Naibu products this year almost 90 more types than
last year. Clothing will account for nearly 50.0% of the expanded
product lines.
Manufacturing
The Group continues to rent two purpose-built production
facilities in Jinjiang and Shishi, both in Fujian Province,
operating a total of eight shoe production lines - four at each
plant. Both plants functioned smoothly throughout the period, and
maintained a strong momentum of growth in order to meet strong
demand for the Group's products. This was achieved through the
optimisation of production support systems, the improvement of
equipment, enhanced production efficiencies, and an increased
number of workers on the production lines. During 2012 H1, the
Group employed 1,962 production staff, maintaining both the 2011 H1
level and a low staff turnover rate. Output from the manufacturing
plant, where workers are engaged in stamping, sewing, stitching and
moulding, accounted for approximately 72.0% of shoes produced by
the Group during the year. The remaining 28.0% was sourced from OEM
suppliers.
Sales and distribution
The Group continued to operate its Marketing and Sales Centre in
Fuzhou, with 70 staff responsible for product sales. There are six
regional sales managers responsible for individual geographic areas
across Naibu's established sales network, communicating regularly
with key customers and monitoring consumer trends and competitor
performance. In 2012, Northern China, Eastern China and Southern
China remained the main markets for Naibu. Total revenues from
these three regions in 2012 H1 and 2011 H1 accounted for 67.4% and
67.2% respectively of Group sales. However, those regions whose
sales are lagging - the central and northwestern parts of China -
will in the near future become the focus of the Group's sales
initiatives.
To protect the Naibu brand image and maintain high standards of
service quality, the Group continued providing retail distributors
with guidance on how products should best be presented. New store
locations continued to be selected jointly by distributors and the
Group, and are based on market research, estimated costs and local
sales potential.
Over the past six months, thanks to the joint efforts of the
Group, its distributors and sub-distributors, sales from Naibu
stores have increased significantly. Sales at Naibu stores during
2012 H1 reached a record of close to RMB10,000 per square metre, up
7.8% from 2011 H1. This shift has paved the way for further
widening of the sales base, particularly in regions such as Central
China and South Western China.
Marketing
Naibu continued to invest in brand marketing and promotional
work during 2012 H1. As described above, this was supported
by"front-line" information on consumer and competitor trends
supplied by the Group's team of regional sales managers.
In 2012 H1, to commemorate the Group's admission to AIM, the
Group's R&D team launched five new styles of footwear inspired
by British design. Though production levels are still relatively
low, the new products have been well received by Naibu's customers.
In addition to increasing sales and enhancing Naibu's brand image,
these products will help create favorable conditions for the future
internationalisation of Naibu's brand.
Management and staff
As at 30 June 2012, Naibu employed 2,300 staff, which is the
same as last year at 30 June 2011. Of these, approximately 2,000,
were employed at the Group's production facilities in Jinjiang and
Shishi, and the rest at the Group's headquarters in Fuzhou. Staff
turnover remained low, in large part reflecting relatively high
salary levels and progressive working conditions.
I would like to thank all of the Group`s directors and staff
members for their hard work and support. Their efforts are a key
reason for our ongoing success.
I have no doubt that Naibu is well positioned to continue with
further strong growth through the remainder of 2012 and beyond, and
to deliver further value as the Group continues with its expansion
into more Chinese cities and provinces.
Huoyan Lin
Executive Chairman
13 September 2012
Financial review
Unaudited condensed consolidated statement of comprehensive
income
For the six month period ended 30 June 2012
Year
Six months Six months ended
ended ended 31 December
Notes 30 June 2012 30 June 2011 2011
Proforma Proforma
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Revenue 788,741 676,315 1,491,645
Cost of sales (561,155) (488,862) (1,070,100)
-------------- -------------- -------------
Gross profit 227,586 187,453 421,545
Other income 525 234 825
Selling and distribution
expenses (29,187) (25,217) (58,858)
Administrative expenses (13,991) (7,458) (18,311)
-------------- -------------- -------------
Profit before taxation 184,933 155,012 345,201
Income tax expense 4 (49,325) (49,351) (61,933)
-------------- -------------- -------------
Profit after taxation for
the period attributable
to equity holders 135,608 105,661 283,268
Other comprehensive income,
net of tax
- Exchange differences (1,441) - -
on translating foreign
operations
-------------- -------------- -------------
Total comprehensive income
for the year attributable
to equity holders of the
parent 134,167 105,661 283,268
============== ============== =============
Earnings per share (RMB): 5
Basic 2.71 2.11 5.42
Diluted 2.71 2.11 5.42
Unaudited consolidated statement of financial position
As at 30 June 2012
As at As at As at
30 June 30 June 31 December
2012 2011 2011
Notes
Proforma Proforma
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Assets
Non-current assets
Property, plant and equipment 11,850 14,438 13,150
11,850 14,438 13,150
----------- ---------- -------------
Current assets
Inventories 80,560 63,314 78,974
Trade and other receivables 568,838 478,346 519,858
Cash and cash equivalents 338,966 103,275 286,801
-----------
988,364 644,935 885,633
----------- ---------- -------------
Total assets 1,000,214 659,373 898,783
=========== ========== =============
Equity and liabilities
Current liabilities
Trade payables 89,193 87,906 182,339
Other payables and accruals 35,514 33,754 34,397
Amount due to shareholders 854 19 19
Income tax payable 26,945 22,407 24,491
152,506 144,086 241,246
---------- --------- ---------
Non-current liabilities
Deferred tax 7,068 40,724 5,367
---------- --------- ---------
Total liabilities 159,574 184,810 246,613
---------- --------- ---------
Capital and reserves
Stated capital account 6 54,314 - -
Reserves 120,987 96,445 122,439
Retained earnings 665,339 378,118 529,731
Total equity attributable
to equity holders of the
parent 840,640 474,563 652,170
---------
Total equity and liabilities 1,000,214 659,373 898,783
========== ========= =========
Unaudited condensed statement of cash flows
For the six month period ended30 June 2012
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2012 2011 2011
Proforma Proforma
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Cash flows from operating activities
Profit for the period 184,933 155,012 345,201
Adjustments for:
Depreciation of property, plant
and equipment 1,300 1,361 2,669
Interest income (525) (234) (535)
Operating profit before working
capital changes: 185,708 156,139 347,335
Changes in working capital
Increase in inventories (1,586) (29,312) (44,972)
Increase in trade and other receivables (48,980) (146,713) (188,226)
Increase/ (decrease) in trade payables (93,147) 7,698 102,132
Increase in accruals and other
payables 1,117 4,070 4,713
----------- ----------- -------------
Cash generated from/ (used in) operating
activities 43,112 (8,118) 220,982
Interest received 525 234 535
Income tax paid (46,621) (22,470) (68,325)
----------- ----------- -------------
Net cash (used in)/ generated from
operating activities (2,984) (30,354) 153,192
----------- ----------- -------------
Cash flows from investing activities
Acquisition of property, plant and
equipment - - (20)
Net cash used in investing activities - - (20)
----------- ----------- -------------
Cash flows from financing activities
Advances from shareholders 835 19 19
Share issue proceeds 54,314 - -
----------- ----------- -------------
Net cash from financing activities 55,149 19 19
----------- ----------- -------------
Net increase in cash and cash equivalents 52,165 (30,335) 153,191
Cash and cash equivalents at the
beginning of the period 286,801 133,610 133,610
Cash and cash equivalents at the
end of the period 338,966 103,275 286,801
=========== =========== =============
Unaudited condensed consolidated statement of changes in
equity
For the six month period ended30 June 2012
Total equity
attributable
to
Foreign equity
Stated currency holders
capital Statutory Retained Reconstruction translation of the
account reserve earnings reserve reserve parent
Proforma RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
-------------
Balance at 1 January
2012 - 88,835 529,731 31,426 2,178 652,170
Issue of ordinary
shares, net of share
issue costs 54,314 - - (11) - 54,303
Profit for the period - - 135,608 - - 135,608
Other comprehensive
income:
Exchange differences
on translation of
foreign operations - - - - (1,441) (1,441)
--------- ---------- ---------- --------------- ------------- --------------
Total comprehensive
income for the period - - 135,608 - (1,441) 134,167
--------- ---------- ---------- --------------- ------------- --------------
Balance at 30 June
2012 54,314 88,835 665,339 31,415 737 840,640
========= ========== ========== =============== ============= ==============
Total equity
attributable
to
Foreign equity
Stated currency holders
capital Statutory Retained Reconstruction translation of the
account reserve earnings reserve reserve parent
Proforma - Unaudited RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
-------------
Balance at 1 January
2011 - 62,841 272,457 31,426 2,178 368,902
Profit for the period - - 105,661 - - 105,661
Other comprehensive
income:
Exchange differences - - - - - -
on translation of
foreign operations
--------- ---------- ---------- --------------- ------------- --------------
Total comprehensive
income for the period - - 105,661 - - 105,661
--------- ---------- ---------- --------------- ------------- --------------
Balance at 30 June
2011 - 62,841 378,118 31,426 2,178 474,563
========= ========== ========== =============== ============= ==============
Notes to the financial information
1. General information
The Company was incorporated in Jersey, the Channel Islands, on
15 December 2011. The Company's registered office is at Ogier
House, The Esplanade, St. Helier, Jersey JE4 9WG, Channel Islands.
The nature of the Company's operations and its principal activities
are to act as the holding company of a group engaged in the design,
manufacture and supply of Naibu branded sports shoes and the design
and supply of Naibu branded clothing and accessories.
2. Basis of preparation
The financial information for the six months ended 30 June 2012
set out in this interim financial information is unaudited and does
not constitute statutory financial statements.
The financial information for the year ended 31 December 2011
set out in this interim financial information does not comprise the
Group's statutory financial statements. They have been prepared by
consolidating the Company and the consolidated financial statements
of Naibu HK Investment International Ltd, the subsidiary of the
Company, which were both prepared under IFRS and IFRIC
interpretations as adopted by the European Union. Both the Company
only and the consolidated financial statements of Naibu HK
Investment International Ltd have been audited for the period ended
31 December 2011, both audit reports were unqualified. On this
basis, the consolidated results of the Company for the year ended
31 December 2011 have been described as audited.
The directors do not propose a dividend for the period.
The directors approved the interim financial information for the
six months ended 30 June 2012 on 12 September 2012.
Copies of this interim financial information will be available
on the Company's website:
The interim financial information has been prepared in
accordance with IAS 34 "Interim financial reporting" as adopted by
the European Union. The standards have been applied consistently
(except as otherwise stated).
The principal accounting policies used in preparing the interim
results are those the Group expect to apply in its financial
statements for the year ending 31 December 2012 and are unchanged
from those disclosed in the financial statements of Naibu HK
Investment International Ltd except for the following additional
accounting policies:
"The company was incorporated on 15 December 2011 and entered
into an agreement to acquire the entire issued and to be issued
share capital of Naibu HK Investment International Ltd on 13
February 2012. The acquisition was effected by way of issue of
shares.
In determining the appropriate accounting treatment for this
transaction, the Directors considered IFRS 3 "Business
Combinations" (Revised 2008). However, they concluded that this
transaction fell outside the scope of IFRS 3 (revised 2008) since
the transaction described above represents a combination of
entities under common control.
In accordance with IAS 8 "Accounting Policies, changes in
accounting estimates and errors", in developing an appropriate
accounting policy, the Directors have considered the pronouncements
of other standard setting bodies and specifically looked to
accounting principles generally accepted in the United Kingdom ("UK
GAAP") for guidance (FRS 6 - Acquisitions and mergers) which does
not conflict with IFRS and reflects the economic substance of the
transaction.
Under UK GAAP, the assets and liabilities of both entities are
recorded at book value, not fair value (although adjustments are
made to achieve uniform accounting policies), intangible assets and
contingent liabilities are recognised only to the extent that they
were recognised by the legal acquire in accordance within
applicable IFRS, no goodwill is recognised, any expenses of the
combination are written off immediately to the income statement and
comparative amounts, if applicable, are restated as if the
combination had taken place at the beginning of the earliest
accounting period presented.
Therefore, although the Group reconstruction did not become
unconditional until 13 February 2012, these consolidated financial
statements are presented as if the Group structure has always been
in place, including the activity from incorporation of the group's
principal subsidiary. Both entities had the same management as well
as majority shareholders.
Furthermore, as the Company was incorporated on 15 December
2011, while the enlarged group had been trading for years
previously, the statement of comprehensive income and consolidated
statement of changes in equity and consolidated cash flow
statements are proforma. On this basis, the Directors have decided
that it is appropriate to reflect the combination using merger
accounting principles as a group reconstruction under FRS 6 -
Acquisitions and mergers in order to give a true and fair view. No
fair value adjustments have been made as a result of the
combination."
3. Segmental reporting
The Group has adopted IFRS 8, Operating Segments for the June
2012 interim reporting. IFRS 8 requires that segments represent the
level at which financial information is reported to the Board of
directors ("The Board") of the Group, being the chief operating
decision maker as defined in IFRS 8. The Board consists of the
Chairman, the Chief Executive Officer, the Chief Financial Officer
and the independent director. The Board determines the operating
segments based on reports reviewed and used by the Board for
strategic decision-making and resource allocation.
Segment information is presented in respect of the Group's
geographical and operating segments. The Group's operating segments
are as follows:
(i) Shoes
(ii) Apparel and accessories
Six months Six months Year
ended ended ended
30 June 2012 30 June 2011 31 December
2011
RMB'000 RMB'000 RMB'000
============= ============= ============
(i) 409,630 354,758 829,546
(ii) 379,111 321,557 662,099
788,741 676,315 1,491,645
Operating Segments - Six months ended 30 June 2012
Shoes Apparel and Head office Consolidated
accessories and other
adjustments
RMB'000 RMB'000 RMB'000 RMB'000
------------------------- -------- ------------- ------------- -------------
Revenue 409,630 379,111 - 788,741
Gross profit 103,967 123,619 - 227,586
Profits before taxation 94,038 90,895 - 184,933
Taxation 25,082 24,243 - 49,325
Net profits after
tax 68,956 66,652 - 135,608
Segment assets 370,243 290,905 339,066 1,000,214
Segment liabilities 91,335 56,361 4,810 152,506
Finance income 294 231 - 525
Finance costs
Depreciation and
amortisation 1,188 112 - 1,300
Capital expenditure - - - -
Operating Segments - Six months ended 30 June 2011
Shoes Apparel and Head office Consolidated
accessories and other
adjustments
RMB'000 RMB'000 RMB'000 RMB'000
------------------------- -------- ------------- ------------- -------------
Revenue 354,758 321,557 - 676,315
Gross profit 93,166 94,287 - 187,453
Profits before taxation 76,044 78,978 (11) 155,011
Taxation 24,210 25,141 - 49,351
Net profits after
tax 51,834 53,826 - 105,660
Segment assets 301,065 255,033 103,275 659,373
Segment liabilities 84,156 55,955 3,975 144,086
Finance income 123 111 - 234
Finance costs
Depreciation and
amortisation 1,093 268 - 1,361
Capital expenditure - - - -
Operating Segments - Year ended 31 December 2011
Shoes Apparel and Head office Consolidated
accessories and other
adjustments
RMB'000 RMB'000 RMB'000 RMB'000
------------------------ -------- ------------- ------------- -------------
Revenue 829,546 662,099 - 1,491,645
Gross profit 226,027 195,518 - 421,545
Profit before taxation 182,662 164,121 (1,582) 345,201
Taxation 32,772 29,445 (284) 61,933
Net profit after
tax 149,890 134,676 (1,298) 283,268
Segment assets 357,807 254,075 286,901 898,783
Segment liabilities 151,089 86,182 3,975 241,246
Finance income 297 238 - 535
Finance costs
Depreciation and
amortisation 2,440 229 - 2,669
Capital expenditure 20 - - 20
4. Taxation
The taxation charge for the six months ended 30 June 2012 has
been based on the estimated effective rate of 25%.
5. Earnings per share
For the six months ended 30 June 2011 and the year ended 31
December 2011, a proforma earnings per share has been included
based on the relevant number of shares in the new parent company,
Naibu Global International Company plc, following the Group
reorganisation (whereby the Company acquired the whole of the
issued share capital of Naibu HK Investment International Ltd) but
prior to the issue of shares to raise new funds at the time of the
AIM listing.
(a) Basic
Basic earnings per share is calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2012 2011 2011
RMB'000 RMB'000 RMB'000
Proforma Proforma
----------- ----------- ------------
Profits attributable to
equity holders of the Company
(RMB'000) 135,608 105,661 283,268
Weighted average number
of ordinary shares in issue
('000) 52,299 50,000 50,000
Profit per share (RMB) 2.71 2.11 5.42
(b) Diluted
Diluted earnings per share is calculated by adjusting the
weighted number of ordinary shares in issue to assume conversion of
all potential dilutive ordinary shares during the period.
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2012 2011 2011
RMB'000 RMB'000 RMB'000
Proforma Proforma
----------- ----------- ------------
Profit attributable to
equity holders of the Company
(RMB'000) 135,608 105,661 283,268
Weighted average number
of ordinary shares in issue
('000) 52,299 50,000 50,000
Profit per share (RMB) 2.71 2.11 5.42
6. Stated capital account
Ordinary shares of no par value
Issued and fully paid Six months ended 30 June
2012
As at 1 January 2012 Number RMB'000
Issue of shares on incorporation 2 -
Share issue (9 February
2012) 990,000 801
Share issue (13 February
2012) 9,998 8
Share split (27 February 49,000,000 -
2012)
Shares issued on admission
to trading on AIM, net
of issue costs 4,838,716 53,505
As at 30 June 2012 54,838,716 54,314
------------- ---------------
On incorporation, the company issued 2 Ordinary shares of no par
value.
On 8 February 2012, the Company issued 990,000 Ordinary share of
no par value.
On 13 February 2012, the Company issued 9,998 Ordinary shares of
no par value.
On 27 February 2012, the Company subdivided each issued Ordinary
share of no par value into 50 Ordinary shares of no par value at
HKD0.02 per share.
The admission of the enlarged Share Capital to trading was
effective on 5 April 2012 with a placing of 4,838,716 Ordinary
shares of no par value at 124 pence per share (RMB 60,131,478). The
share issue costs associated with this transaction of RMB 6,626,818
(GBP 661,234) have been deducted from the Company's stated
capital.
Under the Memorandum of Association, the Company is authorised
to issue an unlimited number of Ordinary shares of no par
value.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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