Huatong Successfully Lists on the Taiwan Stock ExchangeTaipei, August 16, 2018
On August 15, 2018, Shane Global Holdings Inc. (“Huatong”) successfully listed on the Taiwan Stock Exchange (“TSEC”) under the ticker “TSEC:8482”. Huatong raised NTD1.3 billion (approx. US$42 million) of gross proceeds (all primary) from the IPO. The IPO priced at NTD $115.0 per share was oversubscribed, reflecting investors’ confidence in the bespoke high-end furniture industry and strong appetite for a highly-cash generative advanced-manufacturing company like Huatong.
CDIB Capital Asia Partners L.P. invested in Huatong in 2014 and has worked alongside the company to support its business strategy and institutionalization. We continue to be actively involved in Huatong’s ambitious growth plan going forward, including plans to diversify into new product categories (such as hardwood furniture), introduce own-brand products for the Chinese market, and explore potential M&A targets. We believe the IPO paves the way for Huatong to enter the next phase of growth and are confident of the future prospects of the company. At the time of the IPO, CDIB Capital’s investment in Huatong is valued at approximately 4x its cost.
“We see the successful IPO as a key milestone for the company, and also a critical step forward to grow into a more diverse business,” said Mr. Shane, Chairman of Huatong, “We are glad to have CDIB Capital as our valuable long-time partner, not only along the IPO process, but more importantly, providing strategic value-add and supporting our future expansion plans.”
Victor Gao, Managing Director at CDIB Capital said, “Over the years, Huatong has displayed exceptional operational capabilities in serving an increasing number of business clients and expanding into new categories. We continue to be impressed with the strength of the management team of Huatong and are working closely on a number of exciting opportunities.”
Lionel de Saint-Exupéry, Chairman and CEO of CDIB Capital, added “We are delighted by the positive market reception for Huatong at IPO. This is a validation of the company’s remarkable achievements and future growth prospects under Chairman Shane’s leadership. Despite the global trade uncertainties, we are highly confident that the company will continue to deliver strong results and remain intensely focused on shareholder value creation.”
About CDIB Capital
CDIB Capital is a leading Asian private equity investor focused on middle market growth capital transactions. We invest in compelling growth-oriented companies in consumer/retail, value added manufacturing, and new services, seeking to capitalize on cross market opportunities in the Asia-Pacific region. We are an affiliate of China Development Financial (“CDF”), one of the largest and most established merchant banking groups in Greater China with over US$80 billion in assets.
CDIB Capital is headquartered in Hong Kong and has offices in Shanghai, Taiwan, Seoul and New York. For more information, please visit our website at www.cdibcapital.com.