Pangaea Connectivity Technology
Pangaea Connectivity Technology is a non-exclusive distributor of connectivity products. Connectivity products are devices built with electronics or optoelectronics, sensors and software for network connections, which enable these devices to transmit and receive signal or data.
The Group customers mainly include communications module manufacturers, leading network system equipment providers, providers of IoT and connectivity solutions and products, and other distributors in the PRC. It principally sources and distributes component to customers. It also provides solution and application support which includes identification of customers' specifications, technical design support, and multiple functions integration and technical analysis and support to customers throughout their design and production cycle. The end applications of products can primarily be categorised into: telecom infrastructure; data centres; IoT and network connectivity products; and commercial lasers.
The Group suppliers are mainly brand name manufacturers in the telecom and datacom connectivity market. As at 22 January 2021, it was authorised distributor of seven manufacturers, comprising five brand name manufacturers based in the U.S. or Japan, which are leading manufacturers in the respective categories of products they offer, according to the Frost & Sullivan Report; and two manufacturers based in the PRC which appointed it as their authorised distributor subsequent to the Track Record Period with effect from 1 September 2020 and 1 October 2020, respectively.
In addition, the Group has its own wireless and commercial laser application laboratories in Shenzhen, the main tech hub of the PRC. Its strong inhouse design and technical team comprised 33 engineers. It has engaged a Japanese project director to oversee the strategy and development of 5G projects and to lead its wireless application laboratory. It ranked the third in terms of revenue among the service providers in the telecom and datacom connectivity product distribution market in the PRC in 2019, with a market share of approximately 4.4%, according to the Frost & Sullivan Report.
| Market | Hong Kong (Main Board) |
| Business Nature | IT Hardware |
| Website | www.pangaea.com.hk |
| Board Lot | 4,000 |
| Registrar & Transfer Office | Tricor Investor Services |
| No. of Offer Shares | 250m shares |
| No. of Placing Shares | 225m shares |
| No. of Offer Shares | 25.00m shares |
| Offer Price | $0.52 - $0.58 |
| Nominal Value | HK$ 0.01 each |
| Stock Code | 1473 |
| Sole Sponsor | Honestum International Limited |
| Underwriters | CMBC Securities Company Limited, Forwin Securities Group Limited, Lego Securities Limited, Crosby Securities Limited, GLAM Capital Limited, Enhanced Securities Limited, Victory Securities Company Limited |
| Application Period | Feb 1 (Mon) - Noon, Feb 4 (Thu) |
| Price Determination Date | On or Before 5pm, Feb 5 (Fri) |
| Result Announcement Date | On or Before Feb 18 (Thu) |
| Dispatch of Shares and Refund Cheques | On or Before Feb 18 (Thu) |
| Dealings in Shares commence on | Feb 19, 2021. (Fri) |
| Times of HK Offer Shares Subscription | 15X - 50X | 50X - 100X | Over 100X |
| % of total shares reallocated to HK Offer | 30% | 40% | 50% |
| Executive | Fung Yui Kong (Chairman), Wong Wai Kong, Leung Kwan Sin Rita |
| Non-Executive | Kam, Eddie Shing Cheuk |
| Independent Non-Executive | Chan Hiu Fung Nicholas, Ling Kwok Fai Joseph, Sze Wing Chun |
| Director Fung Yui Kong | 75.00% |
| (Year ended Mar 31) | |||
| 2021 * | 2020 | 2019 | |
| Revenue | 758,543 | 970,866 | 871,336 |
| Gross Profit | 92,772 | 165,562 | 136,659 |
| Pre-Taxed Profit | 51,994 | 43,195 | 34,622 |
| Attributable Profit for the period | 42,440 | 33,448 | 27,648 |
| * For the four months ended July 31, 2020. | |||
| Offer Price | $0.52 - $0.58 |
| Capitalization | $520m - $580m |
| Unaudited pro forma adj NAV / share | $0.247 - $0.260 |
| Assuming the offer price being at the mid-point of $0.55, the net proceeds raised would be HK$88.4m, of which: |
| * $58.0m (65.6%) to be used for strengthening our design and technical capabilities ; |
| * $14.4m (16.3%) to be used for broadening our customer base by expanding the geographic reach of sales and technical support coverage be used for strengthening back office operational supports; and ; |
| * $7.2m (8.2%) to be used for strengthening back office operational supports; and |
| * the balance of $8.8m (9.9%) as additional working capital. |
| 19/02/2021 16:08 |
| {New Stock}PANGAEA CONNECT(01473) ends up 26.79% at HK$0.71 |
| 19/02/2021 09:20 |
| {New Stock}PANGAEA CONNECT(01473) opens up 19.64% at HK$0.67 |
| Code | Name | Nominal | Change | %Change | |
| 01473 | PANGAEA CONNECT |  | 0.590 | -0.010 | -1.667% |
| 06036 | APEX ACE HLDG |  | 0.197 | 0.002 | 1.026% |
| Remark： | The above information is referenced from the prospectus. |
| All data is calculated from the non- exercise rights(if applicable). | |
| Quote data is at least 15-min delayed，last updated: 14/04/2021 11:05 |
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