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Enthusiastic Response Towards Fuyao Glass Hong Kong IPO
2015-03-31

Mr. Cao Dewang, Chairman of Fuyao Group and Mr. Cao Hui, CEO of Fuyao Group striking the Gong for IPO.


Fuyao Glass launched its initial public offerings at 9:00 a.m. (Tuesday), 3/31/2015. The H shares was officially quoted at SEHK (Stock Exchange Hong Kong) incorporated with the stock code of 3606.

The chairman of Fuyao Group, Mr. Cao Dewang spoke joyfully. “The successful public offering is a crucial milestone for the whole company,” he said, “I hereby, representing Fuyao Glass, want to sincerely thank all our investors for their support and recognition. As the top automotive glass supplier in China we feel honored, but also feel the responsibilities falling upon us. The successful H-share IPO signifies that our company is standing behind a whole new starting line and our enterprise is entering a high-speed growing phase. From now on we will keep working hard and improve our ROE even further to benefit our shareholders the most! “       

Mr. Cao Dewang stated that the company will keep focusing on its current primary business, which is the development and production of automotive glass products. Their target is to stabilize its advantage in the automotive glass industry in China, and to become the most competitive professional auto-glass supplier of the world, renowned for its product quality and creativity level. The company will implement the following strategies to achieve its goal: further exploit Chinese auto-glass market, expand and develop oversea markets in a steady pace, enrich its product structure, increase the added value of its products, keep enhancing business efficiency, improve R& D ability.

Under the initial market price of 16. 80 HKD per share. After deducting the commission for the IPO underwriters (including any extra bonus for underwriters) and projected cost (before over-allotment option), the estimated net proceeds of this IPO is 7059.8 Million HKD (About 5569.2 Million RMB)

The sum of money will be primarily used for the auto-glass plant project in Ohio, USA, as well as the phase II construction of a float glass plant and an auto-glass plant in Kaluga, Russia.

 



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