TIDMJQW
RNS Number : 9136U
JQW PLC
09 December 2013
Press Release 9 December 2013
JQW plc
("JQW" or the "Group")
First Day of Dealings on AIM
JQW plc, a domestic Chinese B2B e-commerce operator, today
announces the commencement of dealings of its Ordinary Shares on
the AIM market of the London Stock Exchange. Argento Capital
Markets Limited led the fund raise as Placing Agent, with Cairn
Financial Advisers LLP acting as Nominated Adviser and Broker to
the Group. The stock market TIDM is JQW.
JQW has successfully raised GBP6.7 million on Admission. The net
proceeds of the Placing, along with existing cash resources, will
be used by the Group to further strengthen its robust platform
offering as a SME B2B e-commerce service provider in China. In
order to enhance its overall services to existing users, the Group
will initially invest in upgrading its hardware and servers,
developing a mobile platform for iOS and Android, as well as
establishing a financial and trading platform. The Group will also
focus some of the proceeds on expanding its marketing and
advertising programme by increasing its own internal sales
department, establishing a "Quasi-Franchise" scheme to attract new
sales agencies and building a bilingual e-commerce platform in
English, to help attract international members and promote the
Group's fee paying members in China to a global market.
Admission and Placing Statistics
Placing Price 70 pence
Number of Ordinary Shares in issue immediately following
Admission 193,549,991
Market capitalisation of the Group at the Placing GBP135 million
Price on Admission
Gross proceeds of the Placing receivable by the Group GBP6.7 million
Commenting on the Group's AIM listing, Yongde Cai, Chairman of
JQW plc, said: "The Chinese B2B e-commerce industry is rapidly
growing, with reports forecasting transaction values on e-commerce
platforms to experience double digit growth over the coming years.
Against a backdrop of the increasing internet penetration in China
and JQW's already robust operating platform, the Board believes
this additional funding will benefit the Group in expanding our
operations and increasing brand awareness.
"JQW is in a strong position in this fast growing sector and the
Board looks forward to working alongside our new shareholders to
capitalise on the growth opportunities in the market."
- Ends -
For further information:
JQW plc
Yongde Cai, Chairman Tel: +44 (0) 20 7398 7709
Daocai "Peter" Chen, Chief Executive Officer www.jqw-ir.com
Wei Boon Kooi, Chief Financial Officer
Argento Capital Markets Limited (Placing
Agent)
Alan MacKenzie / Jim McGeever Tel: +44 (0) 20 7093 0353
alan.mackenzie@argentocapital.net www.argentocapital.net
Cairn Financial Advisers LLP (Nominated
Advisor and Broker)
Liam Murray / Jo Turner Tel: +44 (0) 20 7148 7900
www.cairnfin.com
Media enquiries:
Abchurch Communications Limited
Henry Harrison-Topham / Joanne Shears Tel: +44 (0) 20 7398 7709
JQW@abchurch-group.com www.abchurch-group.com
About JQW plc
JQW is a leading domestic business-to-business e-commerce
provider based in the Chinese province of Jiangsu. The Group's core
business is its online B2B platform, www.jqw.com, which has been
developed to encourage domestic trade by connecting Chinese SMEs
with potential trade partners. Founded in 2004, the platform was
developed to help to market Chinese SME's websites. JQW has evolved
rapidly to become the second highest ranked B2B e-commerce
website(6) and operates, what the director's believe to be, the
first dedicated B2B search engine, www.jqw.cn.
JQW offers a low-cost entry point for Chinese SMEs to promote
themselves and their B2B products to potential buyers. In order to
increase transaction opportunities, JQW offers its clients a broad
range of services including website design, commercial search
services and advertising.
There are approximately 49 million SMEs in China manufacturing a
diverse range of products, accounting for 60% of the country's GDP.
The internet usage population of China at June 2013 was 591 million
and there is a considerable amount being invested into the
country's telecommunications infrastructure. These factors have
driven an increased demand for domestic trade of B2B, B2C and C2C
e-commerce. With the majority of these SMEs requiring the use of
third party B2B e-commerce platforms to promote their businesses
and access trade partners, the Board believes that JQW offers a
robust and highly reputable branded platform. With exposure in over
50 industry sectors and considerable scope for future growth, JQW
is in a strong position to capitalise on the development of this
market.
55 million Product details
10 million Registered users
9 million Companies' details
5 million Page views per day
810,000 Sheng-Yi-Tong members with website "shops"
500,000 Purchase and sales enquiries per month
166,000 Fee-paying members
1,300 Internet media relationships
700 Rated in the top 700 websites for global website traffic rankings
30 Sales agencies
2 Second (behind Alibaba) in Chinese B2B website traffic rankings
Directors
The Board consists of three executive directors and three
non-executive directors:
Cai Yongde (aged 55), Chairman
Mr Cai is the Chairman of the Group. He is a senior economist,
an entrepreneur and a real estate developer. Mr Cai was born in
Fujian province. In 1977, Mr Cai started his career in the metal
hardware business. He founded Xie Sheng Real Estate Co., Ltd. in
1998, a property development business in the Ganzhou District of
Jiangsu Province which is involved in the development of real
estate projects in Jiangsu Province and Hunan Province. In 2004,
Mr. Cai ventured into the retail business and opened Qinzhou
Xiesheng Department Store Co., Ltd, located in Guangzi Province. Mr
Cai is a co-founder of the Group.
Chen Daocai (aged 42), Chief Executive Officer
Mr Chen is the Chief Executive Officer and is responsible for
the overall management of the business. Mr Chen has fifteen years
of experience in the Internet industry. He graduated from the
Business Management Institute of Fuzhou University in 1994. After
graduation, he worked in Quanzhou Agricultural Engineering School
as a statistics teacher. In 1997, he pursued a career in the
Internet industry, engaging in website construction, Internet
network promotion and other Internet business. Mr Chen is a
co-founder of the Group.
Kooi Wei Boon (aged 33), Chief Financial Officer
Mr Kooi has over eight years of experience in the auditing
industry, having worked with Ernst & Young Malaysia and KPMG
Beijing. During his tenure with both companies, he has been
involved in numerous IPOs in Hong Kong. Mr Kooi studied for a
Bachelor of Accounting degree at Universiti Sains Malaysia
(University of Science, Malaysia) where he was awarded the
equivalent of a first class honours. He is fluent in English,
Bahasa Malaysia, Mandarin, Cantonese and other Chinese dialects. Mr
Kooi joined the Group in January 2013.
Mircle Ching Chai Yap (aged 36), Non-Executive Director
Mr Yap has over ten years' experience in the finance industry,
primarily in South East Asia as a director and investment adviser.
Mr Yap currently works as a strategic investment adviser for One
Capital Group Investment Ltd. ("One Capital") where he is
responsible for developing strategies and implementing the
organisation's financial plans. Prior to working at One Capital, Mr
Yap was a strategic investment adviser at Quarto Capital LLC from
2007 to 2011. He was an executive director at Exalt Global
Investment & Co. Mr Yap is also a non-executive director of
Camkids Group plc.
Mr Yap is the chairman of the Group's Remuneration and
Nomination Committee and a member of the Audit Committee and the
AIM Rules Compliance Committee.
Jacques-Franck Dossin (aged 52), Non-Executive Director
Mr Dossin has over 25 years' experience in the finance industry,
primarily as an equity research analyst specialising in the Branded
Consumer Goods sector. Mr Dossin spent twelve years at Goldman
Sachs, London, where he was in charge of the Branded Consumer Goods
industries and was the co-ordinator for the industry on a worldwide
basis and was consistently ranked among the top three analysts
globally according to leading independent surveys. Prior to Goldman
Sachs, Mr Dossin was Head of French Equity Research at Credit
Suisse First Boston for five years and prior to that he was Head of
Consumer Goods Research at Société Générale-Delahaye for six years.
Following his time at Goldman Sachs, Mr Dossin launched Dossin
Advisory, a Mergers & Acquisitions consultancy specialising in
the branded consumer goods sector. Mr Dossin is also a
non-executive director of Camkids Group plc.
Mr Dossin is the chairman of the Group's Audit Committee and a
member of the remuneration and Nomination Committee and the AIM
Rules Compliance Committee.
Duncan Lewis (aged 62), Non-Executive Director
Mr Lewis has over 35 years' work experience in the
telecommunications, media and technology industries, through
management roles within both publicly quoted and private companies.
Mr Lewis is currently nonexecutive chairman of a number of private
technology and telecommunication companies. Mr Lewis is an
independent director of Spirent Communications plc and was
previously the chief executive officer of Vislink plc. He has been
senior TMT advisor to The Carlyle Group and was chairman and
director of various companies including Jacobs Rimell, MessageLabs
Limited and Sinotel Limited (a Chinese telecommunications Joint
Venture start-up). Mr Lewis was also a non-executive director of
Viridian plc. He was an independent director of CompleTel NV and an
advisor to Fujitsu. He sat on the board of NTL prior
to its merger with Telewest. Mr Lewis has also held executive
positions at BT plc, Cable & Wireless plc, Equant NV and GTS
Limited.
Mr Lewis is the chairman of the Group's AIM Rule Compliance
Committee and a member of the Audit Committee and the Remuneration
and Nominations Committee.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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