On January 28, 2011, we warmly celebrated the successful listing of the Hong Kong main board of Baofeng Fashion International
Our company traded on the main board of the Stock Exchange of Hong Kong Limited ("HKEx") on January 28, 2011 (Friday). The stock code is 1121 and the number of shares in each hand is 2000. A total of 350 million shares are planned to be issued, including 100 million old shares, 90% international allotment and 10% public offering. The issue price of each issued share is HK $2.00. Based on the offering price of HK $2.00 per share, after deducting the relevant underwriting fees and expenses, assuming that the over-allotment right has not been exercised, the net amount of the company's proceeds from the share offering is estimated to be approximately HK $456900000. About 35% of the funds raised will be used for the installation of new production lines and construction of new production facilities, and about 25% will be used for market promotion; About 15% as potential acquisition funds; The other 25% is used for working capital, opening stores and holding slipper design competitions.
This time, the listing of our company in Hong Kong can be said to deepen the brand image of Baofeng slippers in the hearts of consumers to some extent, and further enhance the brand awareness of our company in China. In the past few years, our company's Baofeng slippers still have a certain influence on consumers in China, and our positioning is also on the road of brand, and has been committed to the image promotion and establishment of Baofeng slippers brand. The successful listing of our company will bring hope and prospect to the domestic slipper industry and promote the formation and establishment of more brands in the domestic slipper industry.
For most of the well-known slipper brands abroad, China's slipper industry is still insignificant. However, we are confident to lead the domestic slipper industry to improve its international competitiveness, develop its own brand, constantly explore and innovate, and realize that the domestic brand slippers can also go abroad in large quantities and explore a broader international market.