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森松國際控股
Morimatsu International Holdings
COMPANY PROFILE

Morimatsu International Holdings is a pressure equipment manufacturer and provider of integrated pressure equipment solutions in the PRC offering traditional pressure equipment, modular pressure equipment and value-added services associated with the pressure equipment, with a strong market position in the PRC.

According to F&S Report, the Group was the fourth largest pressure equipment manufacturer and provider of integrated pressure equipment solutions in the PRC with a market share of approximately 1.5% and the largest non-state owned pressure equipment manufacturer and provider of integrated pressure equipment solutions in the PRC, both in terms of sales revenue in 2019. For each of the traditional pressure equipment segment and modular pressure equipment segment, it was the fifth and eighth largest manufacturer in the PRC with market share of approximately 1.2% and 1.9%, respectively, in terms of sales revenue in 2019.

The Group offers comprehensive pressure equipment. It generally provides a combination of design, procurement, manufacturing, installation, testing and commissioning, and after-sales technical support services. It also offers value-added services associated with the pressure equipment to customers, including validation, maintenance, design, and digital operation services. It generally undertakes pressure equipment projects in downstream industries, such as chemical, pharmaceutical, personal care chemical, mining and metallurgical, oil and gas and electronic chemical industries.

The Group has established a customer base comprising both domestic and overseas customers. It exported products overseas to over 45 countries. For the years ended 31 December 2017, 2018 and 2019 and the nine months ended 30 September 2020, its revenue derived from products and services delivered overseas approximately 65.7%, 37.5%, 36.8% and 47.2% of its total revenue from Continuing Operations, respectively.

The Group has two production bases in Shanghai and Nantong. Its Shanghai production base has a GFA of approximately 57,150 sq.m., with 14 production workshops. Its Nantong production base has a GFA of approximately 121,618 sq.m., with nine production workshops. The estimated annualised production utilisation rate for the years ended 31 December 2017, 2018 and 2019 and the nine months ended 30 September 2020 is approximately 99.9%, 95.0%, 97.1% and 76.7%, respectively.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureIndustrials
Websitewww.morimatsu-online.com
Board Lot1,000
Registrar & Transfer OfficeTricor Investor Services
GLOBAL OFFERING
No. of Offer Shares250m shares
No. of International Placing Shares225m shares
No. of HK Offer Shares25.00m shares
Offer Price$2.48 - $3.92
Stock Code2155
Sponsor(s)Sinolink Securities (Hong Kong) Company Limited
Underwriter(s)Sinolink Securities (Hong Kong) Company Limited; Mizuho Securities Asia Limited; BOCOM International Securities Limited
TIME TABLE
Application PeriodFeb 26 (Fri) - Noon, Mar 5 (Fri)
Price Determination DateOn or Before 5pm, Mar 5 (Fri)
Result Announcement DateOn or Before Mar 12 (Fri)
Dispatch of Shares and Refund ChequesOn or Before Mar 12 (Fri)
Dealings in Shares commence onMar 15, 2021. (Mon)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveNishimatsu Koei, Hirazawa Jungo, Tang Weihua, Sheng Ye, Kawashima Hirotaka
Non-ExecutiveMatsuhisa Terumoto (Chairman)
Independent Non-ExecutiveChan Yuen Sau Kelly, Kanno Shinichiro, Yu Jianguo
MAJOR SHAREHOLDERS
Director Matsuhisa Terumoto and related parties75%
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2020 *20192018
Revenue2,013,9572,826,3302,467,869
Gross Profit580,493602,889511,934
Pre-Taxed Profit258,632166,033177,877
Attributable Profit for the period221,198149,104116,223
* For the nine months ended September 30, 2020.
OFFER STATISTICS (HK$)
Offer Price$2.48 - $3.92
Capitalization$2,480m - $3,920m
Unaudited pro forma adj NAV / share$1.62 - $1.98
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $3.20, the net proceeds raised would be HK$728.5m, of which:
* $520.9m (71.5%) to be used for enhancing production capacityand production capability;
* $65.3m (9.0%) to be used for enhancing service capability, thereby strengthening value-added services associated with the pressure equipment;
* $59.3m (8.1%) to be used for advancing internationalisation stragegy;
* $23.7m (3.3%) to be used for investing in research and development to improve production process capability and production efficiency, and promote sales of existing and new products; and
* the balance of $59.3m (8.1%) as additional working capital.
CHART
IPO NEWS
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RELATED STOCK COMPARISON
Code Name Nominal Change %Change
2155MORIMATSU INTLunchange--0.0000.000%
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 09:39
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