Initial Public Listing: Recent successes in the Hong Kong and Singapore capital markets

In addition to the successful fund raising stories mentioned in our last edition of Insight, Grant Thornton has also assisted a number of private clients to go public in the Hong Kong and Singapore capital markets over the last year.

Hong Kong Mainboard
Ming Hing Holdings Limited (Stock code 402) is principally engaged in the provision of waterworks engineering services, road works and drainage services and slope upgrading services for the public sector in Hong Kong. The Group was successfully listed on the Hong Kong Mainboard on 14 March 2006, raising approximately HK$60 million.

New Heritage Holdings Limited (Stock code 95), a client of Grant Thornton, was listed on the Hong Kong Mainboard on 2 December 2005. New Heritage, based in Jiangsu Province, develops property projects in Suzhou city and has a property investment business in Beijing. The Group raised approximately HK$100 million upon its initial public listing.

Singapore Mainboard
Based in Heilongjiang Province, China Milk Products Group Limited (Stock code G86) is a company specialising in the production of pedigree bull semen, dairy cow embryos and raw milk in northern China. The company was listed on 13 March 2006 on the Singapore Mainboard, raising approximately HK$620 million.

China Essence Group Limited (Stock code G54) is an integrated potato-processing producer in northern China. The Group is principally engaged in the processing of potato and the production, supply and sale of potato starch and potato starch-based products. The Group was listed on 13 February 2006 on the Singapore Mainboard and raised approximately HK$230 million.

Reyoung Pharmaceutical Holdings Limited (Stock code R12) is based in northern China and is engaged in the manufacture and sale of pharmaceutical and personal hygiene products. The company was listed on the Singapore Mainboard on 8 September 2005. The gross funds raised from this initial public offering amounted to approximately HK$180 million.

Pine Agritech Limited (Stock code P39) is principally engaged in the manufacture and sale of soybean-based products such as soy protein isolates, soybean oil and soy oligosaccharide syrup. The Group has various production plants located in the Shandong Province and Heilongjiang Province in northern China. The Group was listed on 12 May 2005 on the Singapore Mainboard and raised approximately HK$400 million.

Singapore SESDAQ
FM Holdings Limited (Stock code 5GO) is based in southern China and is principally engaged in the design and manufacture of polyresin giftware products, including both OEM products and ODM products. The Group was listed on 24 May 2005 on the SESDAQ and raised approximately HK$30 million.

Grant Thornton takes real pride in all the above clients' initial public listings and successful capital raising efforts. We are honoured to have had the opportunity to provide professional services to them, and pride ourselves on giving all our clients the attention and quality service that they require.

Our service teams have a proven track record and extensive experience of successful listings on various capital markets. Grant Thornton acts as a reporting accountant and helps groom listing candidates to ensure that they are fully prepared for the rigours of flotation. We act as auditors before and after listings by auditing financial information; advising on corporate restructure and significant capital market transactions.

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