Qingmei launches IPO in Singapore at S$0.31/share

A total of 184 million shares, with net proceeds of approximately S$44.1 million, are part of Qingmei’s IPO in line with its proposed listing on the SGX Mainboard.

Qingmei, an original design manufacturer of mid-end and high-end sports shoe soles manufacturer in the PRC, has registered its Prospectus with the Monetary Authority of Singapore.

Mr Su Qingyuan, the Executive Chairman and CEO of Qingmei, said, "With our strong product design and development capabilities, we are increasingly able to attract and retain well-known sports shoe manufacturers in the PRC. We have identified some of our existing customers who have great potential and are likely to achieve high growth within the next couple of years. The growth of the business of our customers is likely to result in an increase in demand for our sports shoe soles."

Qingmei intends to use the net proceeds for the expansion of the Group's production capacity, including the purchase of new equipment and machineries, the construction of new building facilities to house them, the construction of new building facilities for its administrative functions and a staff hostel; for the construction of a new dedicated research and development centre, including the construction of building facilities to house this centre and new testing and research equipment, and the funding of collaborative ventures with research institutions and other institutions in the sports shoe sole industry; and for general working capital.

The public offer has opened 9 March 2010 and will close at noon on 15 March 2010.