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| Global Offering of 208,000,000 Shares Offer Price Ranging from HK$4.00 to HK$5.75 per Offer Share |
HONG KONG, Mar 18, 2015 - (ACN Newswire) - Cowell e Holdings Inc. ( "Cowell" or the "Company"), a major supplier of camera modules for mobile devices, today announced the details of its proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited ("HKSE").
 | | Cowell e Holdings lnc. Announces Details of Proposed Listing on the Main Board of HKSE |
Offering Details
Of the 208,000,000 Shares (including 124,800,000 Sale Shares offered by the Selling Shareholder and subject to the Over-allotment Option) set for Global Offering, approximately 90% will be for International Offering and the remaining approximately 10% are for Hong Kong Public Offering. The indicative offer price range is between HK$4.00 and HK$5.75 per Offer Share.
The Hong Kong Public Offering begins on March 19, 2015 (Thursday) and ends at 12 noon on March 24, 2015 (Tuesday). The final Offer Price and allotment results will be announced on March 30, 2015 (Monday). Dealing of Shares will commence on the Main Board of HKSE on March 31, 2015 (Tuesday) under the stock code 1415. Shares will be traded in board lots of 1,000 shares each.
Morgan Stanley Asia Limited is the Sole Sponsor, Sole Global Coordinator and Sole Bookrunner of the proposed listing of Cowell.
Investment Highlights
Cowell is a major supplier of camera modules for mobile devices, primarily engages in the design, development, manufacture and sale of a variety of camera modules that serve as critical components for smartphones, multimedia tablets and other mobile devices with camera functions. The Company's largest customer is Apple Inc., which has been purchasing its camera modules since 2009. Major customers for Cowell's camera modules also include other leading mobile device manufacturers in the world, such as LG Electronics Co., Ltd. and Samsung Electronics Co., Ltd.
Major camera module manufacturer serving the growing mobile devices market
Cowell is the sixth largest camera module manufacturer with a 5.0% share of the global market in 2013*. Its camera module products are currently being integrated in a variety of smartphones, multimedia tablets and other mobile devices of global leading mobile device manufacturers. In 2013, the global camera modules market was US$16.4 billion and is expected to reach US$34.4 billion by 2020, representing a CAGR of 11.2%*.
Strong relationship with major mobile device companies
The Company has well-established relationships with three of the largest global mobile device brands, who are global leaders with a dominant market share and a track record of technology and product innovation. Customers select Cowell based on its highly skilled engineering team, ability to control costs, product development capabilities, and reliable and efficient manufacturing process management with stable high yields and strong quality control.
Strong management team supported by extensive engineering capabilities
Cowell is a technology leader in the industry supported by more than 360 engineers with an average of eight years of experience, including at leading electronics products and semiconductor back-end services companies. The Company's streamlined management structure allows it to respond to customer demands and mobilize resources quickly. In addition, the Company's engineering capability enables it to engage with its customers in the preliminary stages of their product development process. A significant portion of Cowell's revenues are from products that are "designed-in" to its customers' products.
Competitive manufacturing capabilities with advanced process technologies
The Company focuses its manufacturing operations on utilizing a portfolio of advanced process technologies that enable it to develop and manufacture products that can satisfy the demanding performance requirements of global leading mobile device manufacturers. Its process technologies and operational controls drive innovation in camera module production methodologies and deliver manufacturing scale advantages which resulted in high production quality and effective yield management for advanced technology products.
Future Strategies
Cowell's strategic objective is to enhance its position as a major manufacturer of camera modules. To achieve this objective, the Company intends to continue to provide strong technology and product development expertise, manufacturing execution and customer service in order to strengthen its relationships with major customers and to grow Cowell's business with them. The Company also seeks to increase its penetration of the camera modules market by expanding its product portfolio from primarily fixed-focus camera modules to a variety of high-end camera modules.
In addition, the Company intends to continue to enhance and expand its flip-chip and chip-on-board (COB) technologies and manufacturing capabilities and production capacity to align its camera module solutions with expected customer requirements. Furthermore, the Company will also enlarge its customer base and served market segments. The Company's successful relationships with global leading mobile device companies provide important validation of its technology and process capabilities for potential new customers who may consider integrating Cowell's camera module solutions into their mobile device products.
Use of Proceeds
Purposes / Approximately
- Investment in production capacity: 66%
- Enhance existing production lines for higher-end COB camera modules: 13%
- Repayment of a term bank loan: 12%
- Working capital and other general corporate purposes: 9%
Financial Performance (Summary of Consolidated Statement of Profit and Loss Data)
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For The Year ended 31 December Ten months ended October 31
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2011 2012 2013 2013 2014
US million US million US million US million US million
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Turnover 323.1 527.5 813.9 616.1 638.4
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Gross profit 35.8 42.5 103.2 71.2 71.6
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Profit from 23.1 24.7 69.0 45.2 41.6
operations
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Profit for 18.2 13.2 50.2 32.1 30.6
the year/ period
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Media enquiries
Strategic Financial Relations Limited
Vicky Lee Tel: (852) 2864 4834 / 9471 2009 Email: vicky.lee@sprg.com.hk
Keris Leung Tel: (852) 2864 4863 / 9606 4047 Email: keris.leung@sprg.com.hk
Cecilia Shum Tel: (852) 2864 4890 / 9609 3609 Email: cecilia.shum@sprg.com.hk
Contact:
Topic: Press release summary
Source: Cowell e Holdings Inc.
Sectors: Electronics, Daily Finance, Daily News
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From the Asia Corporate News Network
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