CMBI assisted CIMC Vehicles in successfully listing on the Main Board of Hong Kong Stock Exchange

July 11th, 2019, CIMC Vehicles (Group) Co., Ltd (“CIMC Vehicles” or the “Company”) (stock code: 1839.HK) successfully listed on Hong Kong stock exchange main board. CMBI acted as Financial Advisor for Hong Kong offering and acted as Joint Bookrunner and Joint Lead Manager for International offering for CIMC Vehicles’ IPO.

CIMC Vehicles is a leader in the global semi-trailer industry with well-recognized brands in the principal markets where the company operates. According to Frost & Sullivan, the company has been the world’s largest semi-trailer manufacturer for five consecutive years since 2013, with a 10.3% market share in 2017 by sales volume of semi-trailers. In China, the company ranked first in the semi-trailer industry by sales volume of semi-trailers, with a market share of 15.7% in 2017; and in North America, the company’s principal overseas market, it ranked fifth in 2017 in terms of sales volume of semi-trailers, accounting for a market share of 11.4%.

CIMC Vehicles issued 265,000,000 new shares in the global offering and was priced at HK$6.38 per share, with total proceeds being HK$1,690.7 million (assuming Over-Allotment Option is not exercised). The book was covered with a good mixed of investors because of the company's excellent fundamentals and attractive pricing level.

The close cooperation among Corporate Finance, Equity Capital Markets and other departments of CMBI contributes a lot, which lays an important foundation for the final pricing of the project. The important contribution of CMBI to the project during its issuance and offering has been highly recognized by the management of the company.

 

About CIMC Vehicles

CIMC Vehicles is a leader in the global semi-trailer industry with well-recognized brands in the principal markets where the company operates. The company began to manufacture and sell semi-trailers in 2002. According to Frost & Sullivan, the company has been the world’s largest semi-trailer manufacturer for five consecutive years since 2013, with a 10.3% market share in 2017 by sales volume of semi-trailers. In China, the company ranked first in the semi-trailer industry by sales volume of semi-trailers, with a market share of 15.7% in 2017; and in North America, the company’s principal overseas market, the company ranked fifth in 2017 in terms of sales volume of semi-trailers, accounting for a market share of 11.4%.

The company primarily engages in the manufacture and sale of semi-trailers and truck bodies for specialty vehicles which are marketed and sold in China, North America, Europe and other regions covering over 40 countries. The company markets and sells the products in China under the “CIMC”, “CIMC Tonghua”, “CIMC Huajun”, “Ruijiang Vehicles”, “Dongyue Vehicles” and “Lingyu Vehicles” brands, and outside China under the “CIMC”, “Vanguard”, “SDC” and “LAG” brands, which are among the most recognized names in the global semi-trailer industry.

The company has demonstrated a track record of revenue and profit growth. In 2016, 2017 and 2018, their revenue was RMB14,555.6 million, RMB19,367.0 million and RMB24,168.2 million, respectively, and their profit for the year was RMB752.8 million, RMB1,011.5 million and RMB1,232.0 million, respectively, representing a CAGR of 27.9% during the Track Record Period.

 

  Source: Prospectus, Company’s HKEX Deal Announcements, Bloomberg

Publish Date:2019-07-10
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