HONG KONG, CHINA - Media OutReach - 31 May 2017 - Speed Apparel Holding Limited ("Speed Apparel", together with its subsidiaries, the "Group"; HKSE: 8183), a Hong Kong apparel supply chain management services provider, announces its successful listing on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited ("GEM") today.
The Company's share price closed at HK$ 0.49 per s hare, which was approximately 2% lower than the final offer price of HK$ 0.50 per s hare. The highest share price of the day was HK$ 0.52 per share. On its first trading day, trading volume of the s hares of the Company reached approximately 77.70 million with a total turnover of approximately HK$ 38.70 million.
Messis Capital Limited is the Sponsor of Speed Apparel for the listing and Great Roc Capital Securities Limited is the Bookrunner. Joint Lead Managers are Founder Securities (Hong Kong) Limited, RHB Securities Hong Kong Limited and Quam Securities Company Limited.
Commenting on the trading debut, Mr. Chan Wing Kai , the Chairman and the Chief Executive Officer of the Company, said, "The successful listing of the Company on the GEM is a proof of the Group's solid fundamentals. The response also shows investors' confidence in the development and future prospects of our business . We strive to capitalise on the international financing platform in Hong Kong, in order to further strengthen our business network and enhance our brand recognition, to capture greater market share in the fast fashion industry in the world ."
About Speed Apparel Holding Limited
Speed Apparel is an apparel supply chain management services provider. Headquartered in Hong Kong, the Group principally sells knitwear products. The Group provides one-stop apparel supply chain management solutions for its customers ranging from fashion trend analysis, product design and development, sourcing and procurement of materials, production management, quality control and logistics services. During the Track Record Period, majority of the Group's products were sold to Japan. The Group's products were also sold to Hong Kong, the PRC, Taiwan, France, the USA, Australia and South Africa. For each of the two years ended 31 March 2016, revenue of the Group amounted to approximately HK$398 million and HK$435.2 million, respectively, representing an increase of approximately 9.3%; and profit for the year amounted to approximately HK$10.5 million and HK$12.5 million, respectively, representing an increase of approximately 19.0%.