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Pangaea Connectivity Technology
COMPANY PROFILE

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.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureIT Hardware
Websitewww.pangaea.com.hk
Board Lot4,000
Registrar & Transfer OfficeTricor Investor Services
SHARE OFFER
No. of Offer Shares250m shares
No. of Placing Shares225m shares
No. of Offer Shares25.00m shares
Offer Price$0.52 - $0.58
Nominal ValueHK$ 0.01 each
Stock Code1473
Sole SponsorHonestum International Limited
UnderwritersCMBC Securities Company Limited, Forwin Securities Group Limited, Lego Securities Limited, Crosby Securities Limited, GLAM Capital Limited, Enhanced Securities Limited, Victory Securities Company Limited
TIME TABLE
Application PeriodFeb 1 (Mon) - Noon, Feb 4 (Thu)
Price Determination DateOn or Before 5pm, Feb 5 (Fri)
Result Announcement DateOn or Before Feb 18 (Thu)
Dispatch of Shares and Refund ChequesOn or Before Feb 18 (Thu)
Dealings in Shares commence onFeb 19, 2021. (Fri)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveFung Yui Kong (Chairman), Wong Wai Kong, Leung Kwan Sin Rita
Non-ExecutiveKam, Eddie Shing Cheuk
Independent Non-ExecutiveChan Hiu Fung Nicholas, Ling Kwok Fai Joseph, Sze Wing Chun
MAJOR SHAREHOLDERS
Director Fung Yui Kong75.00%
INCOME STATEMENT (HK$'000)
(Year ended Mar 31)
2021 *20202019
Revenue758,543970,866871,336
Gross Profit92,772165,562136,659
Pre-Taxed Profit51,99443,19534,622
Attributable Profit for the period42,44033,44827,648
* For the four months ended July 31, 2020.
OFFER STATISTICS (HK$)
Offer Price$0.52 - $0.58
Capitalization$520m - $580m
Unaudited pro forma adj NAV / share$0.247 - $0.260
USE OF PROCEEDS
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.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
01473PANGAEA CONNECTdown0.590-0.010-1.667%
06036APEX ACE HLDGup0.1970.0021.026%
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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