HONG KONG SAR –
Media OutReach – 28 December 2022 –
Yeebo (International Holdings) Limited (“Yeebo” or the “Company”, stock code: 259, which together with its subsidiaries, is referred to as the “Group”) announces Suzhou QingYue Optoelectronics Technology Co. Ltd. (“Suzhou QingYue”, stock code: 688496.SH), an associate of the Group, made its debut on The Science and Technology Innovation Board (“STAR Market”) of the Shanghai Stock Exchange today and successfully raised a net proceed of approximately RMB735 million, which will be used to support its future business expansion.
Suzhou QingYue is one of the global leaders in passive mode organic light emitting diode (“PMOLED”). Leveraging its leading and proprietary technology, Suzhou QingYue integrates research and development (“R&D”), production and sales of PMOLED, e-paper modules and Micro-OLED. It has established R&D centers and large-scale production lines in Jiangsu, Zhejiang and Jiangxi. Its products are widely used in medical and health care, household applications, supermarkets and retailing, consumer electronics, automotive industrial control, wearable products, and safety products.
Immediately after the Listing, the Group’s shareholding in Suzhou QingYue has decreased from 35.10% to 28.08%. Suzhou QingYue continues to be an associate of the Group and the results of Suzhou QingYue continue to be equity accounted for in the Group’s consolidated financial statements. As of today, the Group holds 126,345,600 shares of Suzhou QingYue and the relevant market value was RMB1.16 billion based on its IPO offering price at RMB9.16 per share.
Commenting on the successful listing of Suzhou QingYue,
Mr. Fang Yan Tak, Douglas, Chairman of Yeebo, said, “We are immensely proud of the Suzhou QingYue team and are excited on the successful listing of Suzhou QingYue’s shares on the STAR Market, which marks another milestone of Suzhou QingYue’s corporate development. The display industry is experiencing profound transformation, and Suzhou QingYue is well positioned to accelerate its growth. Investors’ overwhelmed response to the IPO of Suzhou QingYue is a testimonial of their recognition on the prospects and the valuation of Suzhou QingYue.”
“Yeebo is a diversified electronics component company. We have proven track record in identifying opportunities with exceptional management teams and outstanding product offerings. Nantong Jianghai Capacitor Co., Limited (stock code: 002484.SZ) and Suzhou QingYue, both associate companies of the Group, are industry leaders in their respective fields, and are well positioned to capture market share in their rapidly growing markets. We will continue to actively look for further M&A opportunities in companies with leading and differentiated technology and products. Growth by acquisition is an important part of the future growth of Yeebo, alongside our organic growth.”
The issuer is solely responsible for the content of this announcement.