Recent successes in US capital markets

by Brian Davis

In the past few months, two of Grant Thornton Hong Kong's US listed companies have completed major fund-raising efforts. One client, International Displayworks, Inc. is listed on NASDAQ, while Beijing Med-Pharm Corp. is currently listed on the "pink sheets".

Bejing Med-Pharm Corp.
Since becoming a client of Grant Thornton in 2004, Beijing Med-Pharm Corp. (BMP) has grown from a small private marketing company focused on the pharmaceutical industry to a US publicly listed company. BMP has raised approximately US$16.3 million. The company has raised these funds through private placement but has since registered those shares with the Securities and Exchange Commission, so that they can be freely traded on the open US market.

With the additional funds, BMP has grown through the acquisition of key subsidiaries that will fund the majority of the Company's growth in 2005 and beyond. Having access to the US capital markets gives BMP the flexibility that it needs to raise money as new attractive acquisition targets of pharmaceutical distributors are identified. BMP's operations are currently in Beijing and Philadelphia, however they continue to search for other distribution opportunities in China.

International Displayworks, Inc.
International Displayworks, Inc. (IDW), one of Grant Thornton's long-term clients, recently completed a secondary offering to raise additional capital. On 1 February 2006, the Company completed the sale of 12,420,000 shares of common stock, thus raising US$67.9 million. Similar to Beijing Med-Pharm, IDW can utilise these funds to continue to grow their operations via either acquisition or internal expansion.

IDW is a manufacturer and distributor of LCD screens used in cell phones and other products that we use daily.

Both BMP and IDW are examples of companies that Grant Thornton has provided quality service to over the past few years. Both also share successful stories on their initial public listings. Grant Thornton has a proven history of assisting mid-to-large private clients in their capital raising efforts. We have the capabilities to provide a full range of professional skills, and have proven that we give our clients the attention and quality service that they require.

brian.davis@gthk.com.hk

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