From the Wires
Wison Engineering Listed on HKEx Main Board
By: PR Newswire
Dec. 28, 2012 09:47 AM
SHANGHAI, Dec. 28, 2012 /PRNewswire/ -- Wison Engineering Services. Co. Ltd. ("Wison Engineering"or the "Company"), the largest private sector chemical engineering, procurement and construction management ("EPC") service provider in China by 2011 revenue, commenced trading on the Main Board of The Stock Exchange of Hong Kong Limited today under the stock code of 2236.
Shares of Wison Engineering closed at HK$ 2.79, with the total number of shares traded amounting to approximately 97.6 million shares. Total turnover of the Company's shares amounted to approximately HK$ 272.6 million. The Company's net proceeds from the Global Offering are approximately HK$ 1,190.6 million which will be used to enhance research development and expand daily operation.
In its public offering on 13 December 2012, Wison Engineering offered 600,000,000 Shares in the Global Offering comprising 480,000,000 new Shares and 120,000,000 Sales Shares. Wison Engineering has enlisted Chow Tai Fook Nominee Limited ("Chow Tai Fook"), Solar City Holdings Limited ("Solar City") and EA Asia Absolute Return Master Fund ("EA Asia") as cornerstone investors.
Mr. Hua Bangsong, Senior Vice President of Wison Engineering said, "The Hong Kong listing is an important milestone for the development of Wison Engineering. The successful listing not only enhances our capital strength, but also further strengthens our leading position in the industry and will accelerate the Company's next stage of development."
Wison Engineering has enjoyed solid growth in the past three years. From 2009 to 2011, the Company's revenue had a compound annual growth rate (CAGR) of 63.5%, while its profit and total comprehensive income attributable to shareholders of the parent had a CAGR of about 58.5%.
The demand for oil refineries and petrochemicals products has soared on the back of global economic growth, especially the fast pace of China's development in the past 20 years. Meanwhile, the Chinese government has encouraged coal-based chemical production to reduce dependence on petroleum, which has greatly expanded the EPC market in oil refining, petrochemicals and coal-to-chemicals industries. Wison Engineering has leveraged the enormous market opportunities to become the largest private sector chemical EPC service provider. With its project execution experience and established network of suppliers and sub-contractors, Wison Engineering has forged close partnerships with clients. Furthermore, we have been awarded over 30 patents and our company is also one of the six in the world to have developed proprietary commercial ethylene cracking furnace technologies, as well as patented coal-to-chemicals technologies including MTO light olefins separation technology.
Mr. Hua Bangsong added, "Looking forward, we will take advantage of the favorable operating environment with our strengths in project execution and technological innovation, along with our proven track record and established supplier and sub-contractor network. We will further strengthen our design and engineering capabilities, consolidate and fortify our leadership position as a leading provider of EPC services in China's petrochemical industry, continue to recruit talent and capitalize on the experience gained from our milestone projects in China to grow our presence in international markets, including Southeast Asia, the Middle East, West Africa and Latin America, to maximize returns to our shareholders."
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