June
26, 2000
Immediate release
Excel Technology International Holdings Limited
Announced A Encouraging Subscription Result
Of The Share Offer
(June 26, 2000, HONG KONG) – Excel Technology International Holdings
Limited (“Excel” or the “Company”; stock code: 8048) announces today that the
market response to the Placing and Public Offer has been satisfactory. The shares available under the Placing
were 127,500,000 shares, or 85% of the share available under the Share Offer. The shares available under Public Offer
were 22,500,000 shares, or 15% of shares available under the Share Offer.
As at 12:00 noon on Friday, June 23, 2000, the
valid applications for subscription rate in the Public Offer recorded in excess
of 43 times over the shares initially available under Public Offer, excluding
pink form applications.
Applications for Placing also received great demand and it recorded a
subscription rate in excess of 17 times.
The offer price was fixed at $1.38.
The Company's shares will commence dealings on The
Growth Enterprise Market (“GEM”) of The Stock Exchange of Hong Kong Limited
(“Hong Kong Stock Exchange”) on Friday, June 30, 2000.
Excel is happy with the market response. Ms Peggy Chan, CEO of the Company said, “We believe that most
of the placees and subscribers of the Share Offer fully recognise the Company’s
business strategies and good prospects. Excel is in a rapidly growing industry, business application solutions
provider (ASP) and the development and sale of enterprise software. With our cutting-edge R & D and the
well-experienced management team, the Company will further capture as the
endless market opportunities in the Asian banking and finance sector.
“Excel fits exactly in the GEM 'hi-tech, high growth'
concept. Our revenue models are
innovative yet effective. One of
our joint venture investments, i21 Limited, is one of the early entrants in the
Hong Kong ASP market. In the
future, we will reinforce our high growth momentum through generating newer revenue
models with good results.”
Ms Chan concluded, “We hope that investors can share the bright prospect
of Excel and the Asian ASP market through their investment in the Company. We are going to use the proceeds from
the Share Offer to expand our R & D, geographical expansion and marketing
and promotion in order to meet the burgeoning demand of our products and to
strive for better returns for our shareholders.”
Company Background:
Excel is a
leading business application solutions provider in the banking and finance
sector in Hong Kong, and is principally engaged in the development, sale and
implementation of enterprise software.
The Group is also involved in the operation of the ASP (application
service provider) Business through i21, a joint venture with iBusiness Corporation ('iBusiness'), IT consultancy, systems
integration and resale and maintenance of IT products, all with a principal
focus on the banking and finance sector.
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