Zhengxing Wheel wants to become the world's largest commercial wheel company
Zhengxing Wheel Group Co., Ltd. Chief Financial Officer Li Yi Vatican May 13, 2011, told reporters that the group will increase the rate of expansion overseas, and plans to become the world's largest commercial vehicle wheel manufacturer. The company was listed on the New York Stock Exchange on the 12th, with an issue price of US$6 and a closing price of US$5.85, which was a 2.50% decrease from the issue price. The lead underwriter is Morgan Stanley, and the joint underwriters are William Blai and Oppenheimer. On the 13th, it closed at 6.25 U.S. dollars. Li Zhifan said that the funds raised this time will be used to build domestic factories and set up factories in India, expand sales outlets at home and abroad, and increase product categories. “We are already the largest manufacturer of commercial vehicle wheels in China. We also need to be the world’s largest manufacturer of commercial vehicle wheels. Therefore, listing on the NYSE is only part of our overseas strategic planning. The amount of financing is not our primary purpose,†said Li Zhifan. Say. Zhengxing Group originally planned to issue 12.9 million shares of American depositary stocks (including 11.61 million new issues, and 1.29 million shares held by original shareholders). The issuance price range is from 9.5 to 11.5 U.S. dollars, and the financing scale is approximately 130.45 million U.S. dollars. On Wednesday, Zhengxing Group announced that it will lower the IPO price range to between US$6 and US$8. Based on the median price of the new issuance interval, Zhengxing Group's IPO will raise about US$90 million in total, which is nearly 33% less than the original planned fundraising amount. In response, Li Zhifan said that the stock price of the company depends on market factors. The New York stock market has fallen more and more in recent trading days. On the 13th, the Dow Jones index closed down more than 100 points, of which the Nasdaq index fell more than 1.2%. He emphasized that the company's value needs to be gradually discovered by investors. Zhengxing Wheel Group's annual revenue growth of 32% over the past three years, and annual net profit growth of 58%, is absolutely confident of winning investors. "In addition, mergers and acquisitions are also one of the company's development strategies. If we are to conduct mergers and acquisitions overseas, the identity of listing on the NYSE will provide great convenience," he said. Zhengxing Wheel Group Co., Ltd. was established in 2003 and specializes in R&D, production and sales of various types of automotive wheels. The annual production capacity of wheels is 14 million sets. The comprehensive strength of the company ranks first in the wheel industry in China. Co2 Laser Engraving And Cutting Machine
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