Press Release
FCIB Acted as the Co-lead Underwriter for GEM Non-public Offering of Anhui Korrun Co., Ltd.
Transaction Overview:
Anhui Korrun Co., Ltd. (300577.SZ, hereinafter referred to as ‘Korrun’), with the great support of Co-lead underwriter FCIB, has successfully completed the oriented issuance and listing of new shares on the GEM of Shenzhen Stock Exchange on November 23, 2020.
The net Offering Volume is RMB 658.66 million, which will be used for the Indonesian luggage production base project, the fashion handbags production base project(Korrun’s subsidiary), Korrun's information construction project and supplementary flow funds, which will provide sufficient guarantee for the company's next stage of strategic layout. A total of 25 institutional and individual investors participated in the GEM non-public offering. The total subscription volume was RMB 1,317.90 million, and the over-raising ratio was 1.96 times. 16 out of 25 Investors gained the offerings and the bid price was RMB 29.55 per share, 90.1% off the closing price at noon on T day. The Korrun’s offering has attracted the attention of a large number of investment institutions, including top domestic PE, such as Sequoia, CITIC Industrial Fund, etc.; Top public offering funds and their star fund managers, such as E Fund, GF Fund, etc.; Industrial investors who are deeply involved in the industry, such as funds of Fusen-Noble House, Changzhou New Development, etc.
Transaction highlights:
Korrun concentrates on producing high-quality travel consumer products. Its main business is the research and development, design, manufacturing and sales of travel products such as leisure bags, suitcases, business bags, apparel and related accessories.
FCIB acting as the co-lead underwriter for the non-public offering of Anhui Korrun Co., Ltd. played an important role in sales. Furthermore, ECM department assisted the client in organizing efficient investor communication, and successfully completed the issuance of the offering at a price of less than 10% discount of the closing price under the environment where SEO market was greatly frustrated. This fully demonstrated FCIB’s professional execution and outstanding sales capabilities, which is highly appreciated by investors and the market. It has also won high praise from the client, laying a firm foundation for further cooperation in the future.
