E-book firm to raise US$166m in IPO
By Zhu Shenshen |
February 9, 2010, Tuesday
|
Print Edition
Print Edition
HANWANG Techonology Co is expected to raise 1.13 billion yuan (US$166 million) with its initial public offering on the Shenzhen Stock Exchange, the Beijing-based e-book manufacturer and office electronics maker said yesterday.
HanWang will use the money on promotion to increase market share in the booming e-book market from rivals including Amazon and Sony, the company said.
"Reading is a basic demand of modern people just like food and clothes," Liu Yingjian, HanWang's chairman said. "The e-book provides people a green and environment-friendly choice."
HanWang plans to sell 27 million shares through its IPO with each costing 41.9 yuan. In 2009, the company's net profit was 85.28 million yuan, more than double the previous year's. But the net profit included an "i-phone" trademark transfer to Apple Inc, which paid 24.94 million yuan to HanWang for the trademark.
The global e-book market will grow more than 124 percent annually on average until 2013 and the market revenue will hit US$2.5 billion in 2013, according to US-based research firm NextGen.
HanWang will use the money in projects including e-book reader, handwriting recognition on portable devices and establishing national promotion platforms, HanWang said.
In 2009, HanWang's revenue was 581 million yuan. E-book sales accounted for 67 percent of income.
HanWang will use the money on promotion to increase market share in the booming e-book market from rivals including Amazon and Sony, the company said.
"Reading is a basic demand of modern people just like food and clothes," Liu Yingjian, HanWang's chairman said. "The e-book provides people a green and environment-friendly choice."
HanWang plans to sell 27 million shares through its IPO with each costing 41.9 yuan. In 2009, the company's net profit was 85.28 million yuan, more than double the previous year's. But the net profit included an "i-phone" trademark transfer to Apple Inc, which paid 24.94 million yuan to HanWang for the trademark.
The global e-book market will grow more than 124 percent annually on average until 2013 and the market revenue will hit US$2.5 billion in 2013, according to US-based research firm NextGen.
HanWang will use the money in projects including e-book reader, handwriting recognition on portable devices and establishing national promotion platforms, HanWang said.
In 2009, HanWang's revenue was 581 million yuan. E-book sales accounted for 67 percent of income.
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