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02127 匯森家居國際
Huisen Household International
Listing Date2020/12/29
Listing Price1.770
 
Quote
Subscription Result
  • Subscription Rate
    53.40x
  • Guarantee One Lot Size
    15 lot
  • One Lot Success Rate
    20%
COMPANY PROFILE

Huisen Household International Group is a manufacturer of furniture products in the PRC with a primary focus on the manufacture and sales of panel furniture by way of ODM. During the FY2017, FY2018, FY2019 and 6MFY2020, over 65% of revenue from furniture products was generated from ODM business and the remaining was generated from OEM business.

All of the products the Group produced for sales were not under its own brands. It vertically integrated business model allows it to combine in-house product design and development expertise with its integrated manufacturing platform, providing full range services covering product design and development, manufacture and sales of panel furniture, and securing stable supply of its principal production materials, i.e., particleboards and steel tubes by manufacturing them on its own.

The Group offers comprehensive manufacturing solution to customers, with the capabilities to design, develop and manufacture functional and economical panel furniture, upholstered furniture, and other furniture such as outdoor furniture and sports and recreational equipment.

The Group was the largest panel furniture exporter in terms of export value in the PRC in 2019. According to the F&S Report, it held a market share of the panel furniture export market in the PRC of approximately 3.92% in 2019. The revenue derived from the sales of its furniture product with the U.S. as the delivery destination accounted for approximately 72.4%, 69.4%, 71.8% and 70.5% of its total revenue for each of the FY2017, FY2018, FY2019 and 6MFY2020. Walmart is one of its major customers of furniture products.

The Group had five self-owned production facilities in Ganzhou, Jiangxi Province, the PRC, namely, Huisen Furniture Factory, Huisen Mingda Factory, Huiming Wood Factory, Aigesen Factory and Weiye Jiankang Factory. The Huisen Furniture Factory, Huiming Wood Factory and Huisen Mingda Factory had an aggregate designed production capacity of 1,558,145 cubic metres of panel board for production of panel furniture for the FY2019.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureHousehold & Personal Products
Websitewww.jxhmgroup.com
Board Lot2,000
Registrar & Transfer OfficeTricor Investor Services
GLOBAL OFFERING
No. of Offer Shares750m shares
No. of International Offer Shares675m shares
No. of HK Offer Shares75.00m shares
Offer Price$1.57 - $1.86
Nominal ValueHK$ 0.10 each
Stock Code2127
Sole Sponsor and Sole Global CoordinatorChina Securities (International) Corporate Finance
Joint Bookrunners and Joint Lead ManagersChina Securities (International) Corporate Finance, Hung Sing Securities, Lead Securities (HK), SBI China Capital Financial Services
TIME TABLE
Application PeriodDec 14 (Mon) - Noon, Dec 18 (Fri)
Price Determination DateOn or Before 5pm, Dec 18 (Fri)
Result Announcement DateOn or Before Dec 28 (Mon)
Dispatch of Shares and Refund ChequesOn or Before Dec 28 (Mon)
Dealings in Shares commence onDec 29, 2020. (Tue)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveZeng Ming, Zeng Minglan, Wu Runlu, Su Xinlin
Independent Non-ExecutiveSuen To Wai, Lau Jing Yeung William, Gao Jianhua
MAJOR SHAREHOLDERS
Director Zeng Ming73.13%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue1,630,7423,719,0663,327,221
Gross Profit366,288883,312784,838
Pre-Taxed Profit282,034670,075476,530
Attributable Profit for the period239,195568,303385,464
* For the six months ended June 30, 2020.
OFFER STATISTICS (HK$)
Offer Price$1.57 - $1.86
Capitalization$4,710m - $5,580m
Unaudited pro forma adj NAV / share$1.41 - $1.48
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $1.715, the net proceeds raised would be HK$1,228.8m, of which:
* $555.6m (45.4%) to stablish a new manufacturing factory, comprising of two factory compartments, which will focus on the manufacture of panel furniture and upholstered furniture;
* $405.5m (33.0%) to construction of the second phase of Aigesen Factory ;
* $61.5m (5.0%) to upgrade its production line;
* $83.4m (6.6%) to enhance product design, research and development capabilities; and
* the balance of $122.8m (10.0%) as additional working capital.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
01237CH ENV TECH&BIOdown0.103-0.006-5.505%
01575MORRIS HOMEdown0.156-0.005-3.106%
01999MAN WAH HLDGSdown11.640-0.440-3.642%
02127HUISEN INTLdown2.170-0.020-0.913%
15-min delayed, last updated: 02/12/2021 17:59
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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