Knowledge

East Coast cars with 1.8 Yuan share offering next month listing

Sales documents, mainland China East Coast car auto 4S shop operators (01268.HK) will be tomorrow (22nd) to next Wednesday (27th) public offering, issue 250 million new shares, after the listing of the enlarged share capital of about 25%; 90% international placement, available at 10% and the 15% an Overallotment.
Price of 1.8 yuan per share, equivalent to 6.1-6.3 times times 2014 forecast earnings to raise about 450 million Yuan. Provisional place on 28th pricing listed on December 5. CCB International as the exclusive sponsor.
East car raise proceeds of about 50% will be used for development 4S dealership network growth in capital spending, including new 4S dealership opened about 30% used in mergers and acquisitions, in order to expand our network about 10% for use in the development of new business, such as used car sales; the remaining 10% used for working capital, inventory and general corporate purposes.