Chinese Handset Retailer Holpe Approved for IPO in Shenzhen
21st Century Business Herald, 11/27/09
The China Securities Regulatory Commission (CSRC) approved Shenzhen-based mobile phone retailer Holpe's IPO filing on November 20. Holpe will issue 34 mln shares on the Shenzhen Stock Exchange's Small and Medium Enterprise (SME) Board, which will account for 25% of the company's aggregate shares (135.98 mln) after completion. The IPO is expected to raise RMB 236.47 mln, of which RMB 184.59 mln will be used to open directly-operated retail outlets.
In 2008, Holpe recorded RMB 41.08 mln in net profits and sold 739,600 Nokia handsets, accounting for 7.06% of all Nokia handsets sold in Guangdong province. 617,500 of those were sold in Shenzhen, accounting for 27.71% of all Nokia handsets sold in the Shenzhen area. In the first half of 2009, Holpe received RMB 24.96 mln in rebates from Nokia, comprising the largest share (28.45%) of gross profits for the company's primary business.
In H1 2009, Holpe procured RMB 43.65 mln worth of handsets from Chinese mobile handset manufacturer Tianyu, which accounted for 10.24% of Holpe's total procurements.
Keywords: handset IPO retail wireless Tianyu CSRC Shenzhen Stock Exchange Holpe bourse profit Nokia
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