TIDMCHRR
RNS Number : 5755Q
China Rerun Chemical Group Ltd
16 October 2013
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND OR JAPAN
16 October 2013
China Rerun Chemical Group Ltd
First day of Dealings on AIm
China Rerun Chemical Group Ltd ("China Rerun", "the Group", or,
"the Company") an established and profitable producer of lubricant
products (or 'lube') for the Chinese domestic automotive,
industrial and agricultural markets operating in the People's
Republic of China, is pleased to announce that the Company's
ordinary shares have today been admitted to trading on the AIM
market of London Stock Exchange plc ("Admission") and that dealings
in the Ordinary Shares have commenced under the ticker symbol
CHRR.L.
The Company has raised approximately GBP181,000 before expenses
through a subscription (the "Subscription") of 1,810,000 new
ordinary shares at 10p per share (the "Subscription Price"). At the
Subscription Price, the Company has a market capitalisation of
approximately GBP25.58 million on Admission.
Cairn Financial Advisers LLP is the nominated adviser and
Beaufort Securities Limited is the broker to the Company.
Commenting on the Company's AIM listing, Mr Xinghe Wu, Executive
Chairman of China Rerun said:
"Having established this business as a start up some 20 years
ago, I am delighted that we have successfully admitted to AIM which
represents a significant milestone for China Rerun. Demand for
premium quality lubricant oils remain strong, supported by the
growing domestic automotive and industrial sectors. With our high
quality products and well known brands, we are strongly placed to
take advantage of this significant opportunity and this, together
with our listing on AIM, will provide a platform for future
growth."
Further enquiries:
China Rerun Xinghe Wu
http://chinarerun.com/ Kenny Chow +86 459-6669777
-------------------------- ----------------------- --------------------
Cairn Financial Advisers
LLP Jo Turner
(Nominated Adviser) Liam Murray +44 (0)20 7148 7905
-------------------------- ----------------------- --------------------
Beaufort Securities
Limited Chris Rourke
(Broker) Guy Wheatley +44 (0)20 7382 8300
-------------------------- ----------------------- --------------------
Shan Shan Willenbrock
Georgina Hall
Cardew Group Tom Horsman + 44(0)20 7930 0777
-------------------------- ----------------------- --------------------
The Admission Document is available on the Company's website at
http://chinarerun.com/.
Notes to Editors
-- China Rerun Chemical Group Ltd ("China Rerun", "the Group",
or, "the Company") is an established and profitable producer of
lubricant products (or 'lube') for the Chinese domestic automotive,
industrial and agricultural markets. Based in Daqing, northeastern
China, it operates principally under the "Runyuan" and "Black E"
brands. The Company places strong emphasis on Research and
Development and branding and has an established track record. For
the year ended 31 August 2012 (audited), the Group generated
revenues of RMB226.13 million and profit before tax of RMB26.87
million. For the six months ended 28 February 2013 (unaudited), the
Group generated revenues of RMB122.58 million and profit before tax
of RMB19.44 million. The Group has received a number of awards
including Well Known Brand of China.
-- The Group's products are sold through a network of third
party distributors across 13 provinces and two municipalities of
the PRC to end users, some of whom operate branded automotive
garages. In 2012, the Group also commenced a programme of directly
operating mobile lube oil replacement and servicing vans with the
aim of growing this business into a nationally recognised
chain.
-- The Group produces 29 types of lubricating oil, which are
categorised into three areas, as well as antifreeze. The products
are of 68 grades and are further packaged into different volume
containers making a total range of 109 products. The Group's
products are graded according to the PRC national oil quality and
grading certification standards. The Group's automotive products
are graded according to the blend and differentiated by logos on
the containers as follows; Black E, Panther, Tiger, Deer and
Horse.
-- The Group has attained ISO 9001 accreditation for its quality
control procedures. It has also attained ISO 14001 accreditation
for environmental controls and OHSAS 18001 accreditation for health
and safety. The PRC has established its own independent oil quality
and grading certification.
BOARD AND MANAGEMENT
Board of Directors
Mr Xinghe Wu, Executive Chairman
Mr Wu, aged 41, has been involved in the operation of the
Runyuan Brand since 1993 and has since established a number of
Companies including: Daqing Development Zone Runyuan Chemical Co.,
Ltd.; Daqing Runyuan Construction Decoration Project Co., Ltd.;
Daqing Runyuan Trade Co., Ltd.; Daqing Runyuan Advertising
Decoration Design Co., Ltd. He is Executive Chairman of China Rerun
Chemical Group Limited; and CEO of Heilongjiang Runyuan Chemical
Co., Ltd, at the same time as the vice president Heilongjiang
Province Auto Sports Association, and a committee member of Daqing
Democratic Progressive Party High-tech Zone Enterprise Branch
Committee and other social positions.
Mr Zhongzhi Zhao, Executive Director
Mr Zhao, aged 61, has worked since 1984 as the factory director
in the No.3 and No. 4 Oil Production Companies of Daqing Oilfield
Limited. He has significant experience of economic management and
the oil industry. Mr Zhongzhi Zhao is a senior economist and a
representative of the Ninth Session of People's Congress of Sartu
District Daqing Municipality.
Mrs Jane Zhu, Non-executive Director
Mrs Zhu, aged 61, held the position of Head of Asia Pacific for
the London Stock Exchange in Hong Kong from 2004 to 2011,having
joined the London Stock Exchange in 1998 in the international
business development department. Prior to joining the London Stock
Exchange, Mrs Zhu worked with the London International Financial
Futures and Option Exchange (LIFFE) and held various senior
positions in project finance, venture capital and technology
transfer industries in Europe, Hong Kong and China. Mrs Zhu is
bilingual in Mandarin and English and holds a BA in English
Literature from Northeast Normal University, China and a MBA in
International Finance from Middlesex University in London, United
Kingdom.
Mr Nicholas Lyth, Non-executive Director
Mr Lyth, aged 47, is an experienced finance professional, having
spent 12 years as a financial director of UK companies, with
extensive experience of working with Chinese companies, including
Paterson Lighting Company, China Molybdenum Ltd, Taihua plc,
Univision plc, China New Energy and has lived and worked in
China.
Mr Lyth is a non-executive director with AIM quoted Taihua plc,
a China-based pharmaceutical company, and Univision Engineering
Limited, a Hong Kong-based supplier of CCTV and security systems.
He has previously held board positions with Avon Equipment Limited,
Belle Engineering (Sheen) Limited, Belle Holdings Limited, Defiant
Diamond Tools Limited, Errut Products Limited and Panther
International Engineering Limited. Mr Lyth is a qualified
accountant and speaks and writes Mandarin.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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