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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Jinpan International Limited | NASDAQ:JST | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.94 | 0 | 01:00:00 |
|
JINPAN INTERNATIONAL LIMITED
390 Veterans Boulevard Carlstadt, NJ 07072 Attn.: Mark Du, Chief Financial Officer Telephone: +1 201 460-8778 (x140) Fax: +1 201 460-8775 |
| |
FNOF E&M Investment Limited
Silkwings Limited Forebright Smart Connection Technology Limited Smart Anchor Holdings Limited Forebright New Opportunities Fund, L.P. FNOF GP Limited Forebright Capital Partners Inc. Take Success Limited Greenfiled International Limited Cheng Liu Kun Wan Ip c/o Forebright Smart Connection Technology Limited Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong Attention: Mr. Kun Wan Ip Telephone: +852 2598-2598 |
|
|
Zhiyuan Li
c/o Hainan Jinpan Electric Company, Ltd No. 168 Nanhai Avenue (Building No. 7), Haikou Free Trade Zone Haikou, Hainan, People’s Republic of China Telephone: +86 898 6681-1301 |
| |
Yuqing Jing
c/o Jinpan International (USA) Ltd. 390 Veterans Boulevard Carlstadt, NJ 07072, United States Telephone: +1 201 460-8778 |
|
|
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
With copies to:
|
| |||
|
Gibson, Dunn & Crutcher LLP
Unit 1303, Tower 1, China Central Place No. 81 Jianguo Road Beijing 100025, PRC Attention: Fang Xue, Esq. Facsimile: +86 10 6502-8510 e-mail: fxue@gibsondunn.com |
| |
Skadden, Arps, Slate, Meagher & Flom LLP
30th Floor, China World Office 2 1 Jianguomenwai Avenue Beijing 100004, PRC Attention: Peter Huang, Esq. Facsimile: +86 10 6535-5577 e-mail: peter.huang@skadden.com |
|
| | |||||||
Transactional Valuation*
|
| |
Amount of Filing Fee**
|
| ||||
$75.5 million
|
| | | $ | 7,602.85 | | | |
|
| | |
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| JINPAN INTERNATIONAL LIMITED | | |||
| | | | | |
| By: | | | /s/ Dr. Li-Wen Zhang | |
| | | | Name: Dr. Li-Wen Zhang | |
| | | | Title: Director | |
| FNOF E&M Investment Limited | | |||
| | | | | |
| By: | | | /s/ Kiril Ip | |
| | | | Name: Kiril Ip | |
| | | | Title: Director | |
| Silkwings Limited | | |||
| | | | | |
| By: | | | /s/ Kiril Ip | |
| | | | Name: Kiril Ip | |
| | | | Title: Director | |
| Zhiyuan Li | |
| | |
| /s/ Zhiyuan Li | |
| | |
| | |
| Yuqing Jing | |
| | |
| /s/ Yuqing Jing | |
|
| Forebright Smart Connection Technology Limited | | |||
| | | | | |
| By: | | | /s/ Kiril Ip | |
| | | | Name: Kiril Ip | |
| | | | Title: Director | |
| Smart Anchor Holdings Limited | | |||
| | | | | |
| By: | | | /s/ Kiril Ip | |
| | | | Name: Kiril Ip | |
| | | | Title: Director | |
| Forebright New Opportunities Fund, L.P. By FNOF GP Limited, its General Partner |
| |||
| | | | | |
| By: | | | /s/ Kiril Ip | |
| | | | Name: Kiril Ip | |
| | | | Title: Director | |
| FNOF GP Limited | | |||
| | | | | |
| By: | | | /s/ Kiril Ip | |
| | | | Name: Kiril Ip | |
| | | | Title: Director | |
| Forebright Capital Partners Inc. | | |||
| | | | | |
| By: | | | /s/ Kiril Ip | |
| | | | Name: Kiril Ip | |
| | | | Title: Director | |
| Take Success Limited | | |||
| | | | | |
| By: | | | /s/ Cheng Liu | |
| | | | Name: Cheng Liu | |
| | | | Title: Director | |
| Greenfiled International Limited | | |||
| | | | | |
| By: | | | /s/ Kiril Ip | |
| | | | Name: Kiril Ip | |
| | | | Title: Director | |
| Cheng Liu | | |||
| | | | | |
| By: | | | /s/ Cheng Liu | |
|
| Kun Wan Ip | | |||
| | | | | |
| By: | | | /s/ Kun Wan Ip | |
|
| Sincerely, | | | Sincerely, | |
|
/s/ Li-Wen Zhang
Li-Wen Zhang
On behalf of the Special Committee |
| |
/s/ Zhiyuan Li
Zhiyuan Li
Chairman of the Board |
|
| /s/ Zhiyuan Li | |
| Zhiyuan Li Chairman of the Board |
|
| | |
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| | | | 15 | | | |
| | | | 20 | | | |
| | | | 62 | | | |
| | | | 63 | | | |
| | | | 66 | | | |
| | | | 80 | | | |
| | | | 81 | | | |
| | | | 83 | | | |
| | | | 89 | | | |
| | | | 90 | | | |
| | | | 91 | | | |
| | | | 92 | | | |
| | | | 94 | | | |
| | | | A-i | | | |
| | | | B-1 | | | |
| | | | C-1 | | | |
| | | | D-1 | | | |
| | | | E-1 | | | |
| | | | F-1 | | | |
| | | | G-1 | | | |
ANNEX H: FORM OF PROXY CARD
|
| | | | H-0 | | |
Original Forecast – November 2, 2015
|
| |
2015 Management Projections – Original
|
| |||||||||||||||||||||||||||||||||
FYE December 31,
|
| |
2015E
|
| |
2016P
|
| |
2017P
|
| |
2018P
|
| |
2019P
|
| |
2020P
|
| ||||||||||||||||||
Net Sales
|
| | | ¥ | 1,787,302 | | | | | ¥ | 1,904,952 | | | | | ¥ | 2,006,051 | | | | | ¥ | 2,103,006 | | | | | ¥ | 2,153,700 | | | | | ¥ | 2,206,679 | | |
% Growth
|
| | | | 21.4% | | | | | | 6.6% | | | | | | 5.3% | | | | | | 4.8% | | | | | | 2.4% | | | | | | 2.5% | | |
Gross Profit (Excluding Depr.)
|
| | | ¥ | 541,860 | | | | | ¥ | 557,786 | | | | | ¥ | 574,968 | | | | | ¥ | 597,623 | | | | | ¥ | 610,856 | | | | | ¥ | 624,513 | | |
% margin
|
| | | | 30.3% | | | | | | 29.3% | | | | | | 28.7% | | | | | | 28.4% | | | | | | 28.4% | | | | | | 28.3% | | |
EBITDA
|
| | | ¥ | 139,717 | | | | | ¥ | 138,696 | | | | | ¥ | 133,637 | | | | | ¥ | 134,962 | | | | | ¥ | 137,042 | | | | | ¥ | 139,044 | | |
% margin
|
| | | | 7.8% | | | | | | 7.3% | | | | | | 6.7% | | | | | | 6.4% | | | | | | 6.4% | | | | | | 6.3% | | |
Adjusted EBITDA(1)
|
| | | ¥ | 172,698 | | | | | ¥ | 173,587 | | | | | ¥ | 170,217 | | | | | ¥ | 173,248 | | | | | ¥ | 176,276 | | | | | ¥ | 179,262 | | |
% Margin
|
| | | | 9.7% | | | | | | 9.1% | | | | | | 8.5% | | | | | | 8.2% | | | | | | 8.2% | | | | | | 8.1% | | |
% Growth
|
| | | | -2.2% | | | | | | 0.5% | | | | | | -1.9% | | | | | | 1.8% | | | | | | 1.7% | | | | | | 1.7% | | |
Maintenance CapEx
|
| | | ¥ | 40,000 | | | | | ¥ | 40,000 | | | | | ¥ | 40,000 | | | | | ¥ | 40,000 | | | | | ¥ | 40,000 | | | | | ¥ | 40,000 | | |
as % of sales
|
| | | | 2.2% | | | | | | 2.1% | | | | | | 2.0% | | | | | | 1.9% | | | | | | 1.9% | | | | | | 1.8% | | |
Net Working Capital
|
| | | ¥ | 1,161,109 | | | | | ¥ | 1,265,596 | | | | | ¥ | 1,361,542 | | | | | ¥ | 1,427,954 | | | | | ¥ | 1,492,231 | | | | | ¥ | 1,529,298 | | |
as % of Sales
|
| | | | 65.0% | | | | | | 66.4% | | | | | | 67.9% | | | | | | 67.9% | | | | | | 69.3% | | | | | | 69.3% | | |
| | | | $ | 10.75 | | | | | | | | |||||||||||||||||||||||||
A/R Days Outstanding
|
| | | | 230 | | | | | | 235 | | | | | | 240 | | | | | | 240 | | | | | | 245 | | | | | | 245 | | |
Revised Forecast – November 2, 2015
|
| |
2015 Management Projections – Revised
|
| |||||||||||||||||||||||||||||||||
FYE December 31,
|
| |
2015E
|
| |
2016P
|
| |
2017P
|
| |
2018P
|
| |
2019P
|
| |
2020P
|
| ||||||||||||||||||
Net Sales
|
| | | ¥ | 1,787,302 | | | | | ¥ | 1,966,032 | | | | | ¥ | 2,070,372 | | | | | ¥ | 2,173,891 | | | | | ¥ | 2,282,585 | | | | | ¥ | 2,396,715 | | |
% Growth
|
| | | | 21.4% | | | | | | 10.0% | | | | | | 5.3% | | | | | | 5.0% | | | | | | 5.0% | | | | | | 5.0% | | |
Gross Profit (Excluding Depr.)
|
| | | ¥ | 541,860 | | | | | ¥ | 596,046 | | | | | ¥ | 631,820 | | | | | ¥ | 667,759 | | | | | ¥ | 705,712 | | | | | ¥ | 745,791 | | |
% margin
|
| | | | 30.3% | | | | | | 30.3% | | | | | | 30.5% | | | | | | 30.7% | | | | | | 30.9% | | | | | | 31.1% | | |
Adjusted EBITDA(1)
|
| | | ¥ | 172,698 | | | | | ¥ | 198,410 | | | | | ¥ | 212,918 | | | | | ¥ | 227,789 | | | | | ¥ | 242,777 | | | | | ¥ | 258,731 | | |
% Margin
|
| | | | 9.7% | | | | | | 10.1% | | | | | | 10.3% | | | | | | 10.5% | | | | | | 10.6% | | | | | | 10.8% | | |
% Growth
|
| | | | -2.2% | | | | | | 14.9% | | | | | | 7.3% | | | | | | 7.0% | | | | | | 6.6% | | | | | | 6.6% | | |
Maintenance CapEx
|
| | | ¥ | 40,000 | | | | | ¥ | 40,000 | | | | | ¥ | 40,000 | | | | | ¥ | 40,000 | | | | | ¥ | 40,000 | | | | | ¥ | 40,000 | | |
as % of sales
|
| | | | 2.2% | | | | | | 2.0% | | | | | | 1.9% | | | | | | 1.8% | | | | | | 1.8% | | | | | | 1.7% | | |
Net Working Capital
|
| | | ¥ | 1,161,109 | | | | | ¥ | 1,282,973 | | | | | ¥ | 1,355,413 | | | | | ¥ | 1,425,503 | | | | | ¥ | 1,498,173 | | | | | ¥ | 1,574,571 | | |
as % of Sales
|
| | | | 65.0% | | | | | | 65.3% | | | | | | 65.5% | | | | | | 65.6% | | | | | | 65.6% | | | | | | 65.7% | | |
A/R Days Outstanding
|
| | | | 230 | | | | | | 230 | | | | | | 230 | | | | | | 230 | | | | | | 230 | | | | | | 230 | | |
| | |
2015E
|
| |
2016P
|
| |
2017P
|
| |
2018P
|
| |
2019P
|
| |
2020P
|
| ||||||||||||||||||
Adjusted EBITDA
|
| | | ¥ | 172,697 | | | | | ¥ | 198,410 | | | | | ¥ | 212,918 | | | | | ¥ | 227,789 | | | | | ¥ | 242,777 | | | | | ¥ | 258,732 | | |
Excess Public Company Expenses
|
| | | ¥ | -6,171 | | | | | ¥ | -6,317 | | | | | ¥ | -6,489 | | | | | ¥ | -6,741 | | | | | ¥ | -6,929 | | | | | ¥ | -7,118 | | |
Government Grants
|
| | | ¥ | -26,809 | | | | | ¥ | -28,574 | | | | | ¥ | -30,091 | | | | | ¥ | -31,545 | | | | | ¥ | -32,305 | | | | | ¥ | -33,100 | | |
EBTIDA
|
| | | ¥ | 139,717 | | | | | ¥ | 163,519 | | | | | ¥ | 176,338 | | | | | ¥ | 189,503 | | | | | ¥ | 203,543 | | | | | ¥ | 218,514 | | |
Depreciation and Amortization
|
| | | ¥ | -50,092 | | | | | ¥ | -54,092 | | | | | ¥ | -58,091 | | | | | ¥ | -62,092 | | | | | ¥ | -66,092 | | | | | ¥ | -70,091 | | |
Other income and expense
|
| | | ¥ | 17,718 | | | | | ¥ | 19,471 | | | | | ¥ | 22,386 | | | | | ¥ | 26,921 | | | | | ¥ | 30,940 | | | | | ¥ | 33,374 | | |
Income before income tax
|
| | | ¥ | 107,343 | | | | | ¥ | 128,898 | | | | | ¥ | 140,633 | | | | | ¥ | 154,332 | | | | | ¥ | 168,391 | | | | | ¥ | 181,797 | | |
Income Taxes
|
| | | ¥ | -16,101 | | | | | ¥ | -19,335 | | | | | ¥ | -21,095 | | | | | ¥ | -23,150 | | | | | ¥ | -25,259 | | | | | ¥ | -27,269 | | |
Net income
|
| | | ¥ | 91,242 | | | | | ¥ | 109,563 | | | | | ¥ | 119,538 | | | | | ¥ | 131,182 | | | | | ¥ | 143,132 | | | | | ¥ | 154,528 | | |
Company
Information |
| |
Revenue
Growth |
| |
EBITDA
Growth |
| |
EBITDA
Margin |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Name
|
| |
3-YR
CAGR |
| |
LTM
|
| |
2015
|
| |
2016
|
| |
3-YR
CAGR |
| |
LTM
|
| |
2015
|
| |
2016
|
| |
3-YR
AVG |
| |
LTM
|
| |
2015
|
| |
2016
|
| ||||||||||||||||||||||||||||||||||||
ABB Ltd.
|
| | | | 1.6% | | | | | | -10.5% | | | | | | -11.0% | | | | | | 0.0% | | | | | | -0.3% | | | | | | 11.1% | | | | | | -16.1% | | | | | | 7.0% | | | | | | 13.6% | | | | | | 14.7% | | | | | | 13.0% | | | | | | 13.9% | | |
AZZ incorporated
|
| | | | 20.3 | | | | | | 6.4 | | | | | | 10.1 | | | | | | 5.0 | | | | | | 16.9 | | | | | | 15.5 | | | | | | 9.6 | | | | | | 9.0 | | | | | | 20.2 | | | | | | 19.6 | | | | | | 19.1 | | | | | | 19.8 | | |
Hubbell Inc.
|
| | | | 5.4 | | | | | | 2.8 | | | | | | 1.3 | | | | | | 2.5 | | | | | | 6.7 | | | | | | 1.7 | | | | | | -7.2 | | | | | | 4.9 | | | | | | 17.7 | | | | | | 17.6 | | | | | | 16.1 | | | | | | 16.5 | | |
Powell Industries, Inc.
|
| | | | -1.4 | | | | | | 2.2 | | | | | | -18.8 | | | | | | -6.5 | | | | | | -14.4 | | | | | | -9.4 | | | | | | -15.2 | | | | | | 44.0 | | | | | | 7.1 | | | | | | 5.7 | | | | | | 5.9 | | | | | | 9.1 | | |
Schneider Electric SE
|
| | | | 3.7 | | | | | | 9.8 | | | | | | 6.5 | | | | | | 0.6 | | | | | | 1.3 | | | | | | 6.1 | | | | | | 4.6 | | | | | | 3.7 | | | | | | 15.6 | | | | | | 14.8 | | | | | | 14.7 | | | | | | 15.1 | | |
Mean
|
| | | | 5.9% | | | | | | 2.1% | | | | | | -2.4% | | | | | | 0.3% | | | | | | 2.0% | | | | | | 5.0% | | | | | | -4.9% | | | | | | 13.7% | | | | | | 14.9% | | | | | | 14.5% | | | | | | 13.8% | | | | | | 14.9% | | |
Median
|
| | | | 3.7% | | | | | | 2.8% | | | | | | 1.3% | | | | | | 0.6% | | | | | | 1.3% | | | | | | 6.1% | | | | | | -7.2% | | | | | | 7.0% | | | | | | 15.6% | | | | | | 14.8% | | | | | | 14.7% | | | | | | 15.1% | | |
Jinpan | | | | | 1.3% | | | | | | 23.2% | | | | | | 21.4% | | | | | | 10.0% | | | | | | -6.7% | | | | | | 21.3% | | | | | | -2.2% | | | | | | 14.9% | | | | | | 12.2% | | | | | | 9.8% | | | | | | 9.7% | | | | | | 10.1% | | |
Company
Information |
| |
Market Data
|
| |
Enterprise Value as Multiple of
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Name
|
| |
Stock
Price on 1/19/16 |
| |
% of
52-Wk High |
| |
Enterprise
Value |
| |
LTM
EBITDA |
| |
2015
EBITDA |
| |
2016
EBITDA |
| |
LTM
EBIT |
| |
2015
EBIT |
| |
2016
EBIT |
| |
LTM
Revenue |
| ||||||||||||||||||||||||||||||
ABB Ltd.
|
| | | $ | 16.40 | | | | | | 75.6% | | | | | $ | 39,149 | | | | | | 7.3x | | | | | | 8.5x | | | | | | 7.9x | | | | | | 9.3x | | | | | | 11.1x | | | | | | 10.3x | | | | | | 1.1x | | |
AZZ incorporated
|
| | | | 49.12 | | | | | | 82.0 | | | | | | 1,580 | | | | | | 9.3 | | | | | | 9.2 | | | | | | 8.4 | | | | | | 12.8 | | | | | | 12.6 | | | | | | 11.4 | | | | | | 1.8 | | |
Hubbell Inc.
|
| | | | 88.49 | | | | | | 76.1 | | | | | | 5,286 | | | | | | 8.8 | | | | | | 9.6 | | | | | | 9.2 | | | | | | 10.1 | | | | | | NA | | | | | | NA | | | | | | 1.6 | | |
Powell Industries,
Inc. |
| | | | 23.18 | | | | | | 55.1 | | | | | | 222 | | | | | | 5.9 | | | | | | 7.0 | | | | | | 4.8 | | | | | | 9.2 | | | | | | 15.6 | | | | | | 13.3 | | | | | | 0.3 | | |
Schneider Electric
SE |
| | | | 52.16 | | | | | | 63.8 | | | | | | 37,465 | | | | | | 8.9 | | | | | | 8.8 | | | | | | 8.5 | | | | | | 10.8 | | | | | | 11.2 | | | | | | 10.4 | | | | | | 1.3 | | |
Mean | | | | $ | 45.87 | | | | | | 70.5% | | | | | $ | 16,740 | | | | | | 8.0x | | | | | | 8.6x | | | | | | 7.8x | | | | | | 10.5x | | | | | | 12.6x | | | | | | 11.3x | | | | | | 1.22x | | |
Median | | | | $ | 49.12 | | | | | | 75.6% | | | | | $ | 5,286 | | | | | | 8.8x | | | | | | 8.8x | | | | | | 8.4x | | | | | | 10.1x | | | | | | 11.9x | | | | | | 10.9x | | | | | | 1.32x | | |
|
Announced
|
| |
Target Name
|
| |
Acquirer Name
|
| |
Enterprise
Value ($ in millions) |
| |
LTM
EBITDA ($ in millions) |
| |
EV /
EBITDA |
|
| 9/7/2015 | | | Richtek Technology Corp. | | | MediaTek Inc. | | |
$778
|
| |
$67
|
| |
11.5x
|
|
| 6/16/2015 | | | SL Industries, Inc. | | | Handy & Harman Ltd. | | |
$154
|
| |
$22
|
| |
7.1x
|
|
| 4/1/2014 | | | Professional Power Products, Inc. |
| | Power Solutions International, Inc. |
| |
$71
|
| |
$9
|
| |
8.2x
|
|
| 10/4/2013 | | | Ansaldo Energia S.p.A. | | | Fondo Strategico Italiano S.p.A. |
| |
$1,629
|
| |
$181
|
| |
9.0x
|
|
| 6/20/2013 | | | Marelli Motori S.p.A. | | | The Carlyle Group LP | | |
$280
|
| |
$29
|
| |
9.5x
|
|
| 2/24/2014 | | | Shanghai Zhezhong Electric Co., Ltd. |
| | Shanghai Zhezhong Construction Co., Ltd. (nka: Shanghai Zhezhong Group Co., Ltd.) |
| |
$115
|
| |
N/A
|
| |
N/A
|
|
| 3/7/2013 | | | Groupe Myrra | | | Acal plc | | |
$15
|
| |
$2
|
| |
5.9x
|
|
| 2/28/2013 | | | Jiangsu Huaxing Transformer Co., Ltd. |
| | JiangSu ZhongLian Electric Co., Ltd. |
| |
$19
|
| |
N/A
|
| |
N/A
|
|
| 5/21/2012 | | | Cooper Industries plc | | | Eaton Corporation plc | | |
$12,272
|
| |
$973
|
| |
12.6x
|
|
| 3/27/2012 | | | Tyco Flow Control International Ltd. |
| | Pentair plc | | |
$5,322
|
| |
$434
|
| |
12.3x
|
|
| 1/29/2012 | | | Thomas & Betts Corp. | | | ABB Control Inc. | | |
$3,776
|
| |
$376
|
| |
10.0x
|
|
| 9/21/2011 | | | Goodrich Corp. | | | United Technologies Corporation |
| |
$18,123
|
| |
$1,421
|
| |
12.8x
|
|
| 7/25/2011 | | | Hansen Transmissions International |
| | ZF International B.V. | | |
$752
|
| |
$57
|
| |
13.2x
|
|
| 3/29/2011 | | | Converteam SAS (nka: GE Energy Power Conversion France SAS) |
| | GE Energy Management, Inc. |
| |
$3,954
|
| |
$239
|
| |
16.7x
|
|
| 3/9/2011 | | | Tognum AG | | | Rolls Royce Holdings plc | | |
$4,923
|
| |
$519
|
| |
9.5x
|
|
| 11/29/2010 | | | Baldor Electric Company | | | ABB Ltd. | | |
$4,107
|
| |
$296
|
| |
13.9x
|
|
| 11/14/2010 | | | Bucyrus International Inc. | | | Caterpillar Inc. | | |
$3,642
|
| |
$593
|
| |
14.6x
|
|
| 4/23/2010 | | | Chloride Group Limited | | | Emerson Electric Co. | | |
$1,550
|
| |
$71
|
| |
21.9x
|
|
| | |
Ownership Prior to the Merger
|
| |
Ownership After the Merger
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Net Book Value
|
| |
Earnings
|
| |
Net Book Value
|
| |
Earnings
|
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
$’000
|
| |
%
|
| |
$’000
|
| |
%
|
| |
$’000
|
| |
%
|
| |
$’000
|
| |
%
|
| ||||||||||||||||||||||||
Zhiyuan Li
|
| | | | 36,599 | | | | | | 16.14% | | | | | | 2,505 | | | | | | 16.14% | | | | | | 146,647 | | | | | | 64.69% | | | | | | 10,036 | | | | | | 64.69% | | |
Yuqing Jing
|
| | | | 16,569 | | | | | | 7.31% | | | | | | 1,134 | | | | | | 7.31% | | | | | | 16,569 | | | | | | 7.31% | | | | | | 1,134 | | | | | | 7.31% | | |
Forebright SPV
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63,473 | | | | | | 28.00% | | | | | | 4,344 | | | | | | 28.00% | | |
| | |
Shares
|
| |
Options to Purchase Shares
|
| ||||||||||||||||||
Name of Directors and Executive Officers
|
| |
Shares
Beneficially Owned |
| |
Cash
Payment Thereof in US$ |
| |
Shares
Underlying |
| |
Cash Payment
Therefor in US$ |
| ||||||||||||
Li Zhiyuan
|
| | | | 2,650,739 | | | | | | — | | | | | | 90,283(1) | | | | | $ | 3,971 | | |
Ling Xiangsheng
|
| | | | 612,992 | | | | | $ | 3,677,952 | | | | | | 38,583(2) | | | | | $ | 3,971 | | |
Jing Yuqing
|
| | | | 1,200,052 | | | | | | — | | | | | | 45,583(3) | | | | | $ | 3,971 | | |
Mark Du
|
| | | | — | | | | | | — | | | | | | 59,350(4) | | | | | $ | 3,283 | | |
Jing Zhang
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Li-Wen Zhang
|
| | | | 5,000 | | | | | $ | 30,000 | | | | | | 19,863(5) | | | | | $ | 1,324 | | |
Ca Xu
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All Directors and Executive Officers as a Group
|
| | | | 4,468,783 | | | | | $ | 3,707,952 | | | | | | 253,617 | | | | | $ | 16,520 | | |
Description
|
| |
Amount
|
| ||||
Legal fees and expenses
|
| | | $ | 1,400,000 | | | |
Financial advisory fees and expenses
|
| | | $ | 1,162,500 | | | |
Special Committee fees
|
| | | $ | 165,000 | | | |
Printing, proxy solicitation and mailing costs
|
| | | $ | 50,000 | | | |
Filing fees
|
| | | $ | 7,603 | | | |
Total
|
| | | $ | 2,785,103 | | | |
|
| | |
Sales Price Per ADS
(in US$) |
| |||||||||
| | |
High
|
| |
Low
|
| ||||||
2013 | | | | | | | | | | | | | |
First quarter
|
| | | | 6.33 | | | | | | 4.94 | | |
Second quarter
|
| | | | 5.75 | | | | | | 4.38 | | |
Third quarter
|
| | | | 7.86 | | | | | | 4.84 | | |
Fourth quarter
|
| | | | 8.90 | | | | | | 5.86 | | |
2014 | | | | | | | | | | | | | |
First quarter
|
| | | | 9.90 | | | | | | 6.72 | | |
Second quarter
|
| | | | 8.23 | | | | | | 6.60 | | |
Third quarter
|
| | | | 8.59 | | | | | | 5.91 | | |
Fourth quarter
|
| | | | 8.00 | | | | | | 6.05 | | |
2015 | | | | | | | | | | | | | |
First quarter
|
| | | | 6.62 | | | | | | 4.44 | | |
Second quarter
|
| | | | 5.26 | | | | | | 3.87 | | |
Third quarter
|
| | | | 4.96 | | | | | | 3.12 | | |
Fourth quarter
|
| | | | 4.20 | | | | | | 3.59 | | |
2016 | | | | | | | | | | | | | |
January
|
| | | | 5.48 | | | | | | 3.51 | | |
February
|
| | | | 5.49 | | | | | | 5.17 | | |
March (through March 17, 2016)
|
| | | | 5.73 | | | | | | 5.51 | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | |
2014
US$(1) |
| |
2014
RMB |
| |
2013
RMB |
| |
2012
RMB |
| |
2011
RMB |
| |
2010
RMB |
| ||||||||||||||||||
| | |
(In thousands, except per share and share data)
|
| |||||||||||||||||||||||||||||||||
Income Statement Data: | | | | | | | | ||||||||||||||||||||||||||||||
Net sales
|
| | | | 241,007 | | | | | | 1,472,045 | | | | | | 1,397,861 | | | | | | 1,324,952 | | | | | | 1,414,289 | | | | | | 967,074 | | |
Costs of goods sold
|
| | | | (165,540) | | | | | | (1,011,100) | | | | | | (949,081) | | | | | | (892,042) | | | | | | (895,473) | | | | | | (591,591) | | |
Gross profit
|
| | | | 75,467 | | | | | | 460,945 | | | | | | 448,780 | | | | | | 432,910 | | | | | | 518,816 | | | | | | 375,483 | | |
Selling and administrative expenses
|
| | | | (59,585) | | | | | | (363,939) | | | | | | (345,464) | | | | | | (339,221) | | | | | | (350,822) | | | | | | (273,518) | | |
Income from operations
|
| | | | 15,882 | | | | | | 97,006 | | | | | | 103,316 | | | | | | 93,689 | | | | | | 167,994 | | | | | | 101,965 | | |
Interest expense
|
| | | | (2,323) | | | | | | (14,188) | | | | | | (12,830) | | | | | | (11,115) | | | | | | (8,088) | | | | | | (2,078) | | |
Non operating income
|
| | | | 4,747 | | | | | | 28,991 | | | | | | 28,714 | | | | | | 20,282 | | | | | | 15,567 | | | | | | 16,431 | | |
Income before income taxes
|
| | | | 18,306 | | | | | | 111,809 | | | | | | 119,200 | | | | | | 102,856 | | | | | | 175,473 | | | | | | 116,318 | | |
Income taxes
|
| | | | (2,792) | | | | | | (17,051) | | | | | | (16,579) | | | | | | (14,363) | | | | | | (21,334) | | | | | | (26,314) | | |
Net income
|
| | | | 15,514 | | | | | | 94,758 | | | | | | 102,621 | | | | | | 88,493 | | | | | | 154,139 | | | | | | 90,004 | | |
Earnings per share: | | | | | | | | ||||||||||||||||||||||||||||||
Basic
|
| | | | 0.96 | | | | | | 5.84 | | | | | | 6.32 | | | | | | 5.47 | | | | | | 9.54 | | | | | | 5.57 | | |
Diluted
|
| | | | 0.93 | | | | | | 5.70 | | | | | | 6.14 | | | | | | 5.29 | | | | | | 9.37 | | | | | | 5.46 | | |
Number of shares outstanding:(2) | | | | | | | | ||||||||||||||||||||||||||||||
Basic
|
| | | | 16,232,381 | | | | | | 16,232,381 | | | | | | 16,230,165 | | | | | | 16,170,107 | | | | | | 16,163,696 | | | | | | 16,159,893 | | |
Diluted
|
| | | | 16,632,497 | | | | | | 16,632,497 | | | | | | 16,711,192 | | | | | | 16,717,277 | | | | | | 16,456,611 | | | | | | 16,457,462 | | |
Dividends per share
|
| |
US$ 0.16
|
| |
US$ 0.16
|
| |
US$ 0.12
|
| |
US$ 0.18
|
| |
US$ 0.14
|
| |
US$ 0.14
|
| ||||||||||||||||||
Balance Sheet Data: | | | | | | | | ||||||||||||||||||||||||||||||
Cash and cash equivalents
|
| | | | 13,209 | | | | | | 80,826 | | | | | | 149,874 | | | | | | 116,341 | | | | | | 152,597 | | | | | | 182,300 | | |
Total assets
|
| | | | 364,999 | | | | | | 2,233,431 | | | | | | 2,113,194 | | | | | | 1,943,998 | | | | | | 1,747,632 | | | | | | 1,500,633 | | |
Net assets
|
| | | | 226,689 | | | | | | 1,387,113 | | | | | | 1,305,616 | | | | | | 1,212,189 | | | | | | 1,139,789 | | | | | | 1,003,294 | | |
Long term debt
|
| | | | 26,239 | | | | | | 160,553 | | | | | | 195,087 | | | | | | 165,406 | | | | | | — | | | | | | — | | |
Long term liabilities
|
| | | | 4,964 | | | | | | 30,377 | | | | | | 29,176 | | | | | | 19,383 | | | | | | 9,451 | | | | | | 16,458 | | |
Equity
|
| | | | 226,689 | | | | | | 1,387,113 | | | | | | 1,305,616 | | | | | | 1,212,189 | | | | | | 1,139,789 | | | | | | 1,003,294 | | |
Cash Flows Data | | | | | | | | ||||||||||||||||||||||||||||||
Depreciation
|
| | | | 7,325 | | | | | | 44,739 | | | | | | 42,499 | | | | | | 33,016 | | | | | | 27,791 | | | | | | 24,449 | | |
Capital expenditures:(3)
|
| | | | 4,581 | | | | | | 27,980 | | | | | | 80,734 | | | | | | 223,650 | | | | | | 83,963 | | | | | | 56,468 | | |
Ratio of earnings to fixed charges(4)
|
| | | | 11.26% | | | | | | 11.26% | | | | | | 9.72% | | | | | | 9.75% | | | | | | 4.41% | | | | | | 1.76% | | |
| | |
Three months ended
September 30, |
| ||||||||||||||||||
| | |
2015
US$ |
| |
2015
RMB |
| |
2014
RMB |
| ||||||||||||
In thousands, except per share data
|
| |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| ||||||||||||
Net Sales
|
| | | | 72,723 | | | | | | 462,613 | | | | | | 378,260 | | | |||
Cost of Goods Sold
|
| | | | (51,453) | | | | | | (327,310) | | | | | | (254,313) | | | |||
Gross Profit
|
| | | | 21,270 | | | | | | 135,303 | | | | | | 123,947 | | | |||
Selling and Administrative Expenses
|
| | | | (17,525) | | | | | | (111,480) | | | | | | (92,202) | | | |||
Operating income
|
| | | | 3,745 | | | | | | 23,823 | | | | | | 31,745 | | | |||
Interest Expense
|
| | | | (393) | | | | | | (2,498) | | | | | | (3,715) | | | |||
Other Income
|
| | | | 238 | | | | | | 1,517 | | | | | | 4,029 | | | |||
Income Before Income Taxes
|
| | | | 3,590 | | | | | | 22,842 | | | | | | 32,059 | | | |||
Income Taxes
|
| | | | (507) | | | | | | (3,228) | | | | | | (5,913) | | | |||
Net Income After Taxes
|
| | | | 3,083 | | | | | | 19,614 | | | | | | 26,146 | | | |||
Other Comprehensive Income (Loss) | | | | | ||||||||||||||||||
Foreign Currency Translation Adjustment
|
| | | | 110 | | | | | | 703 | | | | | | (40) | | | |||
Total Comprehensive Income
|
| | | | 3,193 | | | | | | 20,317 | | | | | | 26,106 | | | |||
Earnings per Share | | | | | ||||||||||||||||||
Basic
|
| |
US$0.19
|
| |
RMB 1.21
|
| |
RMB 1.61
|
| ||||||||||||
Diluted
|
| |
US$0.19
|
| |
RMB 1.21
|
| |
RMB 1.61
|
| ||||||||||||
Weighted Average Number of Shares | | | | | ||||||||||||||||||
Basic
|
| | | | 16,232,381 | | | | | | 16,232,381 | | | | | | 16,232,178 | | | |||
Diluted
|
| | | | 16,232,381 | | | | | | 16,232,381 | | | | | | 16,251,287 | | | |||
|
| | |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2015
US$ |
| |
2015
RMB |
| |
2014
RMB |
| ||||||||||||
In thousands, except per share data
|
| |
(unaudited)
|
| |
(unaudited)
|
| |
(unaudited)
|
| ||||||||||||
Net Sales
|
| | | | 204,890 | | | | | | 1,303,365 | | | | | | 1,033,783 | | | |||
Cost of Goods Sold
|
| | | | (149,009) | | | | | | (947,888) | | | | | | (696,666) | | | |||
Gross Profit
|
| | | | 55,881 | | | | | | 355,477 | | | | | | 337,117 | | | |||
Selling and Administrative Expenses
|
| | | | (44,387) | | | | | | (282,358) | | | | | | (254,079) | | | |||
Operating income
|
| | | | 11,494 | | | | | | 73,119 | | | | | | 83,038 | | | |||
Interest Expense
|
| | | | (1,167) | | | | | | (7,422) | | | | | | (11,181) | | | |||
Other Income
|
| | | | 1,287 | | | | | | 8,184 | | | | | | 9,929 | | | |||
Income Before Income Taxes
|
| | | | 11,614 | | | | | | 73,881 | | | | | | 81,786 | | | |||
Income Taxes
|
| | | | (1,674) | | | | | | (10,650) | | | | | | (13,985) | | | |||
Net Income After Taxes
|
| | | | 9,940 | | | | | | 63,231 | | | | | | 67,801 | | | |||
Other Comprehensive Income (Loss) | | | | | ||||||||||||||||||
Foreign Currency Translation Adjustment
|
| | | | 109 | | | | | | 692 | | | | | | 32 | | | |||
Total Comprehensive Income
|
| | | | 10,049 | | | | | | 63,923 | | | | | | 67,833 | | | |||
Earnings per Share | | | | | ||||||||||||||||||
Basic
|
| |
US$0.61
|
| |
RMB 3.90
|
| |
RMB 4.18
|
| ||||||||||||
Diluted
|
| |
US$0.61
|
| |
RMB 3.90
|
| |
RMB 4.17
|
| ||||||||||||
Weighted Average Number of Shares | | | | | ||||||||||||||||||
Basic
|
| | | | 16,232,381 | | | | | | 16,232,381 | | | | | | 16,232,178 | | | |||
Diluted
|
| | | | 16,232,381 | | | | | | 16,232,381 | | | | | | 16,261,519 | | | |||
|
| | |
(Unaudited)
September 30, 2015 |
| |
(Unaudited)
September 30, 2015 |
| |
(Audited)
December 31, 2014 |
| ||||||||||||
In thousands, except per share data
|
| |
$US
|
| |
RMB
|
| |
RMB
|
| ||||||||||||
Assets | | | | | ||||||||||||||||||
Current Assets | | | | | ||||||||||||||||||
Cash and bank
|
| | | | 9,050 | | | | | | 57,572 | | | | | | 80,826 | | | |||
Restricted Cash
|
| | | | 4,761 | | | | | | 30,288 | | | | | | 7,210 | | | |||
Short Term Investment
|
| | | | 20,751 | | | | | | 132,000 | | | | | | 80,500 | | | |||
Notes receivable
|
| | | | 10,648 | | | | | | 67,738 | | | | | | 70,718 | | | |||
Accounts receivable, net
|
| | | | 171,444 | | | | | | 1,090,605 | | | | | | 858,037 | | | |||
Inventories
|
| | | | 63,372 | | | | | | 403,130 | | | | | | 305,967 | | | |||
Prepayments
|
| | | | 16,520 | | | | | | 105,087 | | | | | | 127,619 | | | |||
Deferred Tax Assets
|
| | | | 3,358 | | | | | | 21,362 | | | | | | 15,388 | | | |||
Other receivables
|
| | | | 9,132 | | | | | | 58,089 | | | | | | 42,229 | | | |||
| | | | | 309,036 | | | | | | 1,965,871 | | | | | | 1,588,494 | | | |||
Fixed Assets | | | | | ||||||||||||||||||
Property, plant and equipment, net
|
| | | | 66,931 | | | | | | 425,767 | | | | | | 452,660 | | | |||
Construction in progress
|
| | | | 1,096 | | | | | | 6,972 | | | | | | 16,481 | | | |||
Intangible Assets
|
| | | | 13,243 | | | | | | 84,245 | | | | | | 84,245 | | | |||
Prepaid leases
|
| | | | 14,018 | | | | | | 89,175 | | | | | | 90,902 | | | |||
Other assets
|
| | | | 24 | | | | | | 153 | | | | | | 649 | | | |||
TOTAL ASSETS
|
| | | | 404,348 | | | | | | 2,572,183 | | | | | | 2,233,431 | | | |||
Current Liabilities | | | | | ||||||||||||||||||
Short term loans
|
| | | | 3,985- | | | | | | 25,351 | | | | | | — | | | |||
Accounts payable
|
| | | | 44,989 | | | | | | 286,189 | | | | | | 228,633 | | | |||
Notes Payable
|
| | | | 42,842 | | | | | | 272,534 | | | | | | 89,733 | | | |||
Advances from customers
|
| | | | 22,964 | | | | | | 146,079 | | | | | | 131,946 | | | |||
Other payables
|
| | | | 28,821 | | | | | | 183,337 | | | | | | 192,687 | | | |||
Taxes payable
|
| | | | 2,191 | | | | | | 13,939 | | | | | | 12,389 | | | |||
Total current liabilities
|
| | | | 145,792 | | | | | | 927,429 | | | | | | 655,388 | | | |||
Long Term Loans
|
| | | | 25,243 | | | | | | 160,578 | | | | | | 160,553 | | | |||
Deferred Income
|
| | | | 5,564 | | | | | | 35,397 | | | | | | 30,377 | | | |||
Total Liabilities
|
| | | | 176,599 | | | | | | 1,123,404 | | | | | | 846,318 | | | |||
Shareholders’ Equity | | | | | ||||||||||||||||||
Convertible preferred stock, US$0.0045 par value: | | | | | ||||||||||||||||||
Authorized shares – 2,000,000
|
| | | | ||||||||||||||||||
Issued and outstanding shares – none in 2015
& 2014 |
| | | | — | | | | | | — | | | | | | — | | | |||
Common stock, US$0.0045 par value: | | | | | ||||||||||||||||||
Authorized shares – 40,000,000
|
| | | | ||||||||||||||||||
Issued and outstanding shares – 16,418,456 in 2015 and 2014
|
| | | | 95 | | | | | | 606 | | | | | | 606 | | | |||
Additional paid-in capital
|
| | | | 47,026 | | | | | | 299,148 | | | | | | 298,418 | | | |||
Reserves
|
| | | | 14,775 | | | | | | 93,985 | | | | | | 93,985 | | | |||
Retained earnings
|
| | | | 166,837 | | | | | | 1,061,297 | | | | | | 1,001,054 | | | |||
Accumulated other comprehensive income
|
| | | | (496) | | | | | | (3,155) | | | | | | (3,848) | | | |||
| | | | | 228,237 | | | | | | 1.451,881 | | | | | | 1,390,215 | | | |||
Less: Treasury shares at cost | | | | | ||||||||||||||||||
Common stock – 135,488 in 2015 and 2014
|
| | | | (488) | | | | | | (3,102) | | | | | | (3,102) | | | |||
Total Shareholders’ Equity
|
| | | | 227,749 | | | | | | 1,448,779 | | | | | | 1,387,113 | | | |||
Total Liabilities and Shareholders’ Equity
|
| | | | 404,348 | | | | | | 2,572,183 | | | | | | 2,233,431 | | | |||
|
| | |
Nine Months Ended
September 30 |
| |||||||||||||||
| | |
2015
US$ |
| |
2015
RMB |
| |
2014
RMB |
| |||||||||
In thousands
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
Operating Activities | | | | | |||||||||||||||
Net Income
|
| | | | 9,940 | | | | | | 63,231 | | | | | | 67,801 | | |
Adjustments to reconcile net income to
|
| | | | |||||||||||||||
Net Cash provided by (used in) operating activities:
|
| | | | |||||||||||||||
Depreciation
|
| | | | 6,000 | | | | | | 38,168 | | | | | | 32,465 | | |
Amortization of prepaid lease
|
| | | | 271 | | | | | | 1,727 | | | | | | 1,299 | | |
Deferred Income Tax
|
| | | | (882) | | | | | | (5,611) | | | | | | (1,940) | | |
Provision for doubtful debts
|
| | | | 4,323 | | | | | | 27,499 | | | | | | 10,974 | | |
Stock-based compensation Cost
|
| | | | 115 | | | | | | 730 | | | | | | 1,864 | | |
Changes in operating assets and liabilities
|
| | | | |||||||||||||||
Restricted Cash
|
| | | | (3,628) | | | | | | (23,077) | | | | | | 966 | | |
Accounts Receivable
|
| | | | (40,883) | | | | | | (260,067) | | | | | | (36,774) | | |
Notes Receivable
|
| | | | 468 | | | | | | 2,979 | | | | | | 24,786 | | |
Inventories
|
| | | | (14,041) | | | | | | (89,321) | | | | | | (93,991) | | |
Prepaid Expenses
|
| | | | 3,542 | | | | | | 22,532 | | | | | | (33,904) | | |
Other Receivable
|
| | | | (2,472) | | | | | | (15,726) | | | | | | (7,550) | | |
Accounts Payable
|
| | | | 9,048 | | | | | | 57,556 | | | | | | 23,982 | | |
Notes Payable
|
| | | | 28,736 | | | | | | 182,801 | | | | | | 23,499 | | |
Income Tax
|
| | | | 244 | | | | | | 1,550 | | | | | | (3,606) | | |
Advance From customers
|
| | | | 2,222 | | | | | | 14,132 | | | | | | 23,826 | | |
Other liabilities
|
| | | | (1,470) | | | | | | (9,349) | | | | | | (8,040) | | |
Net Cash provided by (used in) operating activities
|
| | | | 1,533 | | | | | | 9,754 | | | | | | 25,657 | | |
Investing activities | | | | | |||||||||||||||
Purchases of property, plant and equipment
|
| | | | (881) | | | | | | (5,603) | | | | | | (7,700) | | |
Payment for construction in progress
|
| | | | (630) | | | | | | (4,005) | | | | | | (3,799) | | |
Sell of S/T Investment
|
| | | | 81,181 | | | | | | 516,415 | | | | | | 334,000 | | |
Increase in S/T investment
|
| | | | (89,277) | | | | | | (567,915) | | | | | | (357,000) | | |
Receipt of government grant for new plant construction
|
| | | | 789 | | | | | | 5,020 | | | | | | 1,167 | | |
Net Cash provided by (used in) investing activities
|
| | | | (8,817) | | | | | | (56,088) | | | | | | (33,332) | | |
Financing activities | | | | | |||||||||||||||
Proceeds from bank loan
|
| | | | 4,038 | | | | | | 25,687 | | | | | | 60,390 | | |
Repayment of bank loan
|
| | | | (49) | | | | | | (311) | | | | | | (140,746) | | |
Proceeds from exercised stock options
|
| | | | — | | | | | | — | | | | | | 96 | | |
Dividend paid
|
| | | | (470) | | | | | | (2,988) | | | | | | (11,967) | | |
Net Cash provided by (used in) financing activities
|
| | | | 3,519 | | | | | | 22,388 | | | | | | (92,227) | | |
Effect of exchange rate changes on cash
|
| | | | (394) | | | | | | 692 | | | | | | 61 | | |
Net increase/(decrease) in cash and cash equivalents
|
| | | | (4,159) | | | | | | (23,254) | | | | | | (99,841) | | |
Cash and Cash equivalents at beginning of year
|
| | | | 13,209 | | | | | | 80,826 | | | | | | 149,874 | | |
Cash and Cash equivalents at end of year
|
| | | | 9,050 | | | | | | 57,572 | | | | | | 50,033 | | |
Interest paid
|
| | | | 763 | | | | | | 4,854 | | | | | | 7,911 | | |
Income Tax paid
|
| | | | 2,299 | | | | | | 14,623 | | | | | | 19,517 | | |
Title of Class
|
| |
Name of Beneficial Owner
|
| |
Amount Owned(1)
|
| |
Percent of Class
|
| ||||||
Common Shares
|
| | Li Zhiyuan(2) | | | | | 2,740,977 | | | | | | 16.6% | | |
Common Shares
|
| | Ling Xiangsheng(3) | | | | | 651,575 | | | | | | 4.0% | | |
Common Shares
|
| | Jing Yuqing(4) | | | | | 1,245,635 | | | | | | 7.6% | | |
Common Shares
|
| | Mark Du(5) | | | | | 59,350 | | | | | | * | | |
Common Shares
|
| | Jing Zhang | | | | | — | | | | | | — | | |
Common Shares
|
| | Li-wen Zhang(6) | | | | | 24,863 | | | | | | * | | |
Common Shares
|
| | Cai Xu | | | | | — | | | | | | — | | |
Common Shares
|
| |
All officers and directors as a group (7 persons)(7)
|
| | | | 4,722,400 | | | | | | 28.3% | | |
Common Shares
|
| | First Wilshire Securities Management, Inc.(8) | | | | | 1,315,951 | | | | | | 8.1% | | |
| | |
Page
|
||
ARTICLE I
|
|||||
DEFINITIONS
|
|||||
| | | | A-2 | |
ARTICLE II
|
|||||
THE MERGER; CLOSING; EFFECTIVE TIME
|
|||||
| | | | A-5 | |
| | | | A-5 | |
| | | | A-5 | |
| | | | A-5 | |
| | | | A-5 | |
| | | | A-5 | |
ARTICLE III
|
|||||
EFFECT OF THE MERGER ON ISSUED SHARE CAPITAL;
MERGER CONSIDERATION; EXCHANGE OF CERTIFICATES |
|||||
| | | | A-6 | |
| | | | A-7 | |
| | | | A-9 | |
ARTICLE IV
|
|||||
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
|
|||||
| | | | A-9 | |
| | | | A-9 | |
| | | | A-10 | |
| | | | A-11 | |
| | | | A-11 | |
| | | | A-12 | |
| | | | A-12 | |
| | | | A-12 | |
| | | | A-13 | |
| | | | A-13 | |
| | | | A-13 | |
| | | | A-13 | |
| | | | A-14 | |
| | | | A-14 | |
| | | | A-14 | |
| | | | A-15 | |
| | | | A-15 | |
| | | | A-15 | |
| | | | A-15 | |
| | | | A-15 | |
| | | | A-15 |
| | |
Page
|
||
ARTICLE V
|
|||||
REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB
|
|||||
| | | | A-16 | |
| | | | A-16 | |
| | | | A-16 | |
| | | | A-17 | |
| | | | A-17 | |
| | | | A-17 | |
| | | | A-17 | |
| | | | A-18 | |
| | | | A-18 | |
| | | | A-18 | |
| | | | A-18 | |
| | | | A-18 | |
| | | | A-18 | |
| | | | A-19 | |
ARTICLE VI
|
|||||
COVENANTS
|
|||||
| | | | A-19 | |
| | | | A-21 | |
| | | | A-24 | |
| | | | A-24 | |
| | | | A-25 | |
| | | | A-25 | |
| | | | A-26 | |
| | | | A-26 | |
| | | | A-26 | |
| | | | A-26 | |
| | | | A-26 | |
| | | | A-27 | |
| | | | A-28 | |
| | | | A-28 | |
| | | | A-28 | |
| | | | A-28 | |
| | | | A-28 | |
ARTICLE VII
|
|||||
CONDITIONS PRECEDENT
|
|||||
| | | | A-28 | |
| | | | A-28 | |
| | | | A-29 | |
| | | | A-29 |
| | |
Page
|
||
ARTICLE VIII
|
|||||
TERMINATION
|
|||||
| | | | A-29 | |
| | | | A-30 | |
| | | | A-31 | |
ARTICLE IX
|
|||||
MISCELLANEOUS AND GENERAL
|
|||||
| | | | A-32 | |
| | | | A-32 | |
| | | | A-32 | |
| | | | A-32 | |
| | | | A-33 | |
| | | | A-33 | |
| | | | A-33 | |
| | | | A-33 | |
| | | | A-34 | |
| | | | A-34 | |
| | | | A-34 | |
| | | | A-35 | |
Appendix 1
Plan of Merger
|
| | | | |
Appendix 2
Rollover Shareholders
|
| | | | |
|
Acquisition Proposal
|
| | | | A-2 |
|
Actions
|
| | | | A-17 |
|
Affiliate
|
| | | | A-2 |
|
Agreement
|
| | | | A-1 |
|
Alternative Acquisition Agreement
|
| | | | A-32 |
|
Applicable Date
|
| | | | A-15 |
|
Bankruptcy and Equity Exception
|
| | | | A-14 |
|
Book-Entry Shares
|
| | | | A-8 |
|
Business Day
|
| | | | A-2 |
|
BVI Companies Act
|
| | | | A-1 |
|
BVI Plan of Merger
|
| | | | A-6 |
|
Closing
|
| | | | A-6 |
|
Closing Date
|
| | | | A-6 |
|
Company
|
| | | | A-1 |
|
Company Adverse Recommendation
|
| | | | A-32 |
|
Company IP
|
| | | | A-21 |
|
Company Recommendation
|
| | | | A-14 |
|
Company Reports
|
| | | | A-15 |
|
Contract
|
| | | | A-15 |
|
Damages
|
| | | | A-37 |
|
Dispute
|
| | | | A-45 |
|
Dissenting Shareholders
|
| | | | A-8 |
|
Dissenting Shares
|
| | | | A-8 |
|
Effect
|
| | | | A-3 |
|
Effective Time
|
| | | | A-7 |
|
Employees
|
| | | | A-20 |
|
Environmental Law
|
| | | | A-2 |
|
Environmental Permits
|
| | | | A-19 |
|
Equity Commitment Letters
|
| | | | A-23 |
|
Equity Financing
|
| | | | A-23 |
|
Exchange Act
|
| | | | A-15 |
|
Exchange Fund
|
| | | | A-9 |
|
Excluded Shares
|
| | | | A-8 |
|
FCPA
|
| | | | A-18 |
|
GAAP
|
| | | | A-16 |
|
Governmental Entity
|
| | | | A-10 |
|
Guarantors
|
| | | | A-25 |
|
Hazardous Substance
|
| | | | A-3 |
|
HKIAC
|
| | | | A-45 |
|
HKIAC Rules
|
| | | | A-46 |
|
Indemnified Parties
|
| | | | A-37 |
|
Injunction
|
| | | | A-40 |
|
Intellectual Property
|
| | | | A-3 |
|
Internal Revenue Code
|
| | | | A-3 |
|
Judgment
|
| | | | A-17 |
|
Knowledge
|
| | | | A-3 |
|
Laws
|
| | | | A-18 |
|
Leased Real Property
|
| | | | A-19 |
|
Licenses
|
| | | | A-18 |
|
Lien
|
| | | | A-13 |
|
Liens
|
| | | | A-13 |
|
Limited Guarantee
|
| | | | A-2 |
|
Material Adverse Effect
|
| | | | A-3 |
|
Material Contract
|
| | | | A-18 |
|
Memorandum and Articles of Association
|
| | | | A-7 |
|
Merger
|
| | | | A-1 |
|
Merger Sub
|
| | | | A-1 |
|
NASDAQ
|
| | | | A-36 |
|
Non-Wholly Owned Subsidiaries
|
| | | | A-13 |
|
Notice of Superior Proposal
|
| | | | A-32 |
|
Option
|
| | | | A-12 |
|
Options
|
| | | | A-12 |
|
Owned Real Property
|
| | | | A-19 |
|
Parent
|
| | | | A-1 |
|
Parent Termination Fee
|
| | | | A-44 |
|
Paying Agent
|
| | | | A-9 |
|
Per Share Merger Consideration
|
| | | | A-7 |
|
Permitted Liens
|
| | | | A-4 |
|
Person
|
| | | | A-4 |
|
PRC
|
| | | | A-4 |
|
Preferred Shares
|
| | | | A-13 |
|
Proxy Statement
|
| | | | A-15 |
|
Representatives
|
| | | | A-5 |
|
Requisite Company Vote
|
| | | | A-14 |
|
Rollover Agreement
|
| | | | A-1 |
|
Rollover Shareholders
|
| | | | A-8 |
|
Rollover Shares
|
| | | | A-8 |
|
Sarbanes-Oxley Act
|
| | | | A-16 |
|
SC Financial Advisor
|
| | | | A-21 |
|
Schedule 13E-3
|
| | | | A-5 |
|
SEC
|
| | | | A-12 |
|
Securities Act
|
| | | | A-15 |
|
Share
|
| | | | A-7 |
|
Share Certificate
|
| | | | A-8 |
|
Shareholders’ Meeting
|
| | | | A-34 |
|
Shares
|
| | | | A-7 |
|
Special Committee
|
| | | | A-5 |
|
Sponsors
|
| | | | A-23 |
|
Stock Incentive Plan
|
| | | | A-5 |
|
Subsidiary
|
| | | | A-5 |
|
Superior Proposal
|
| | | | A-5 |
|
Surviving Corporation
|
| | | | A-6 |
|
Tax
|
| | | | A-5 |
|
Tax Return
|
| | | | A-6 |
|
Taxes
|
| | | | A-5 |
|
Termination Date
|
| | | | A-41 |
|
Termination Fee
|
| | | | A-43 |
|
Third Party
|
| | | | A-6 |
|
Trade Secrets
|
| | | | A-3 |
|
Transaction Documents
|
| | | | A-6 |
|
Voting Agreement
|
| | | | A-1 |
|
Wholly Owned Subsidiaries
|
| | | | A-13 |
| FNOF E&M INVESTMENT LIMITED | | |||
| By: | | |
/s/ Kiril Ip
Name: Kiril Ip
Title: Director |
|
| SILKWINGS LIMITED | | |||
| By: | | |
/s/ Kiril Ip
Name: Kiril Ip
Title: Director |
|
| JINPAN INTERNATIONAL LIMITED | | |||
| By: | | |
/s/ Li-Wen Zhang
Name: Li-Wen Zhang
Title: Director |
|
|
SIGNED for and on behalf of
|
| | ) | | | | |
| Jinpan International Limited | | | ) | | | | |
| By: • | | | ) | | |
|
|
| Director | | | ) | | | | |
| | | | ) | | | | |
| | | | ) | | | | |
|
SIGNED for and on behalf of
|
| | ) | | | | |
| Silkwings Limited | | | ) | | | | |
| By: • | | | ) | | |
|
|
| Director | | | ) | | | | |
| | | | ) | | | | |
| | | | ) | | | | |
|
SIGNED for and on behalf of
|
| | ) | | | | |
| Jinpan International Limited | | | ) | | | | |
| By: • | | | ) | | |
|
|
| Director | | | ) | | | | |
| | | | ) | | | | |
| | | | ) | | | | |
|
SIGNED for and on behalf of
|
| | ) | | | | |
| Silkwings Limited | | | ) | | | | |
| By: • | | | ) | | |
|
|
| Director | | | ) | | | | |
| | | | ) | | | | |
Rollover Shareholder Name
|
| |
Address
Facsimile |
| |
Rollover Shares
|
|
Zhiyuan Li | | | A9-301 Sunshine West, 169 Binhai Blvd, Haikou, Hainan 57216 , P.R China Facsimile: 898 6681-3519 |
| | 2,650,739 | |
Yuqing Jing | | | APT.15 KN,100 Winston Drive Cliffside Park, NJ 07010 Facsimile: 898 6681-3519 |
| | 1,200,052 | |
| Confidential | | |
January 22, 2016
|
|
| Jinpan International Limited 168 Nanhai Avenue (Building No. 7), Haikou Free Trade Zone Haikou, Hainan Province, China |
| | ||
| Attention: Special Committee of the Board of Directors | | |
Name
|
| |
Business Address
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Li Zhiyuan | | | No. 168 Nanhai Avenue (Building No. 7), Haikou Free Trade Zone Haikou, Hainan, People’s Republic of China |
| | President and Chief Executive Officer of the Company | | | China | |
Ling Xiangsheng | | | No. 168 Nanhai Avenue (Building No. 7), Haikou Free Trade Zone Haikou, Hainan, People’s Republic of China |
| | Vice Chairman of the Board of the Company | | | China | |
Jing Yuqing | | | 390 Veterans Boulevard, Carlstadt, NJ 07072, United States |
| | Secretary of the Company | | | United States | |
Mark Du | | | 390 Veterans Boulevard, Carlstadt, NJ 07072, United States |
| | Chief Financial Officer of the Company | | | United States | |
Jing Zhang | | | c/o Jinpan International Limited, 390 Veterans Boulevard, Carlstadt, NJ 07072, United States |
| | Life coach for Pathfinder Coach Jing LLC | | | United States | |
Dr. Li-Wen Zhang | | | c/o Jinpan International Limited, 390 Veterans Boulevard, Carlstadt, NJ 07072, United States |
| | Staff member of the United Nations Department of General Assembly Management Affairs | | | United States | |
Cai Xu | | | 602 Room, 13 Apartment, Lane 666, Hongqiao Rd., Shanghai People’s Republic of China |
| | Faculty member of the School of Electronic, Information, and Electrical Engineering at Shanghai Jiaotong University | | | China | |
Name
|
| |
Business Address
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Cheng Liu | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Executive Officer of Forebright Capital Management Limited (“FCML”)* | | |
Hong Kong SAR
|
|
Kun Wan Ip | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Operating Officer of FCML | | | Australia | |
Name
|
| |
Business Address
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Cheng Liu | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Executive Officer of FCML | | |
Hong Kong SAR
|
|
Kun Wan Ip | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Operating Officer of FCML | | | Australia | |
Name
|
| |
Business Address
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Cheng Liu | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Executive Officer of FCML | | |
Hong Kong SAR
|
|
Kun Wan Ip | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Operating Officer of FCML | | | Australia | |
Name
|
| |
Business Address
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Cheng Liu | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Executive Officer of FCML | | |
Hong Kong SAR
|
|
Kun Wan Ip | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Operating Officer of FCML | | | Australia | |
Name
|
| |
Business Address
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Ling He | | | 46th Floor, Far East Finance Centre, 16 Harcourt Road, Hong Kong |
| | Chief Investment Officer of CEIM | | |
Hong Kong SAR
|
|
Pearce James Griffith | | | 45 Market Street, Gardenia Court, Camana Bay, P.O. Box 242 Grand Cayman, KY1-1104 Cayman Islands |
| | Employee of HF Fund Services Limited* | | | Ireland | |
Kun Wan Ip | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Operating Officer of FCML | | | Australia | |
Name
|
| |
Business Address
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Cheng Liu | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Executive Officer of FCML | | |
Hong Kong SAR
|
|
Kun Wan Ip | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Operating Officer of FCML | | | Australia | |
Name
|
| |
Business Address
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Cheng Liu | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Executive Officer of FCML | | |
Hong Kong SAR
|
|
Name
|
| |
Business Address
|
| |
Present Principal Employment
|
| |
Citizenship
|
|
Kun Wan Ip | | | Suite 3720 Jardine House, 1 Connaught Place, Central, Hong Kong |
| | Chief Operating Officer of FCML | | | Australia | |
| | | | FNOF E&M Investment Limited | | |||
| | | | By: | | | /s/ Kiril Ip | |
| | | | | | | Name: Kiril Ip | |
| | | | | | | Title: Director | |
| | | | ZHIYUAN LI | |
| | | | /s/ Zhiyuan Li | |
|
| | | | YUQING JING | | |||
| | | | By: | | | /s/ Yuqing Jing | |
|
Rollover Shareholder Name
|
| |
Address Facsimile
|
| |
Rollover Shares
|
| |
Parent Shares
|
| ||||||
Zhiyuan Li | | | A9-301 Sunshine West, 169 Binhai Blvd, Haikou, Hainan 57216, P.R. China Facsimile: 898 6681-3519 |
| | | | 2,650,739 | | | | | | 2,650,739 | | |
Yuqing Jing | | | APT. 15 KN, 100 Winston Drive Cliffside Park, NJ 07010 Facsimile: 898 6681-3519 |
| | | | 1,200,052 | | | | | | 1,200,052 | | |
| | | | FNOF E&M Investment Limited | | |||
| | | | By: | | |
/s/ Kiril Ip
Name: Kiril Ip
Title: Director |
|
| | | | ZHIYUAN LI | |
| | | |
/s/ Zhiyuan Li
|
|
| | | | YUQING JING | |
| | | |
/s/ Yuqing Jing
|
|
Shareholder Name
|
| |
Address Facsimile
|
| |
Existing Shares
|
|
Zhiyuan Li | | | A9-301 Sunshine West, 169 Binhai Blvd, Haikou, Hainan 57216, P.R. China Facsimile: 898 6681-3519 |
| |
2,650,739
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Yuqing Jing | | | APT. 15 KN, 100 Winston Drive Cliffside Park, NJ 07010 Facsimile: 898 6681-3519 |
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1,200,052
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| | | | JINPAN INTERNATIONAL LIMITED | | |||
| | | | By: | | | /s/ Dr. Li-Wen Zhang | |
| | | | | | | Name: Dr. Li-Wen Zhang | |
| | | | | | | Title: Director | |
| | | | ZHIYUAN LI | |
| | | | /s/ Zhiyuan Li | |
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| | | | Forebright New Opportunities Fund, L.P. | | |||
| | | | Acting by its general partner FNOF GP LIMITED |
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| | | | By: | | | /s/ Kiril Ip | |
| | | | | | | Name: Kiril Ip | |
| | | | | | | Title: Director | |
Guarantor
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Percentage of
Obligations |
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Chairman
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| | | | 72% | | | |
Forebright
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| | | | 28% | | | |
Total
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| | | | 100% | | | |
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AGAINST
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FOR
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AGAINST
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ABSTAIN
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| Shareholder Name: | | | Co-Owner Name: | |
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| Shareholder Signature | | | Co-Owner Signature | |
1 Year Jinpan International Limited Chart |
1 Month Jinpan International Limited Chart |
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