June 26, 2000
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.”
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