Jicheng Umbrella Commences Trading on Main Board of The Stock Exchange of Hong Kong Limited

HONG KONG, Feb. 16, 2015 /PRNewswire/ -- Jicheng Umbrella Holdings Limited ("Jicheng Umbrella" or the "Company"; stock code: 1027.HK) a leading umbrella manufacturer and exporter company in PRC, focusing on manufacturing and sale of POE umbrellas and nylon umbrellas, commenced trading of its shares on the Main Board of The Stock Exchange of Hong Kong Limited on 13 February.

Ping An of China Capital (Hong Kong) Company Limited is the sole sponsor; Ping An of China Securities (Hong Kong) Company Limited is the sole global coordinator; Ping An of China Capital (Hong Kong) Company Limited and Ping An of China Securities (Hong Kong) Company Limited are subsidiaries of Ping An Insurance (Group) Company of China, Ltd.

The shares of Jicheng Umbrella were actively traded on 13 February and recorded a remarkable performance. The intra-day high was HK$1.99 per share with the closing price at HK$1.72 per share, approximately 80% and 56% higher than the offer price of HK$1.10 per share respectively. A total of approximately 36.6 million shares were traded. The total turnover amounted to approximately HK$59.4 million.

Mr. Huang Wenji, Chairman and Executive Director of Jicheng Umbrella, said, "Jicheng Umbrella is officially listed on the Main Board of The Stock Exchange of Hong Kong Limited, and we are beyond excited. This marks a major milestone as well as a new chapter of the Company. We appreciate all the investors' confidence and recognition in our Company and the umbrella industry."

"Looking ahead, Jicheng will further strengthen its leading market position and consolidate its competitive advantages in the industry, expanding production capacity, promoting business development, and enhancing its research and development capabilities in order to match the increasing demand of the umbrella market and creating more values as well as bringing ideal return to shareholders."

About Jicheng Umbrella Holdings Limited (Stock code: 1027.HK)

As a leading manufacturer and exporter of umbrella and parasol in the PRC, Jicheng Umbrella Holdings Limited is principally engaged in the manufacturing and sale of POE umbrellas, nylon umbrellas and umbrella parts to destinations including Japan, mainland China, Hong Kong, South Korea, Taiwan, France and Cambodia etc. According to Frost & Sullivan, Jicheng Umbrella is the largest umbrella and parasol exporter in the PRC, the largest Plastic Umbrellas manufacturer in the PRC and the largest Plastic Umbrellas supplier in Japan. The two production sites of the Company are strategically located in Doshi Town and Yonghe Town of Fujian Province, with a total GFA of 99,219 sq.m. The combined estimated maximum capacity for POE and nylon umbrellas in Dongshi Production Site and Yonghe Production Site is 39.52 million units. Jicheng Umbrella plans to construct a new production plant in the industrial area located in Anqiu City of Shandong Province to increase production capacity, bringing an extra capacity of 18 million umbrellas to the Company each year and strengthening the Company's business scope.

While the Company is gaining overall revenue growth for the past few years, its profitability is under continuous growth at the same time. The Company's revenue for the first 10 months of 2014 reached RMB525 million, with a CAGR of 21.9% from 2011 to 2013. The Company has an unaudited revenue of RMB78 million for November and December of 2014. Based on these figures, total revenue of 2014 would have reached RMB603 million, which is a 24.6% increase comparing to 2013. The Company's gross profit margin has remained relatively stable, in between 24.7% to 26.2%; while net profit margin remains around 12%, demonstrating the Company's excellent management capabilities. Therefore, the Company's net profit is under continuous increase, with a CAGR of 19.2% from 2011 to 2013. Profit attributable to owners of the Company in 2014 is expected to reach at least RMB72 million, representing a 22.9% increase comparing to 2013.

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