BRIEF: New Gonow approved for Hong Kong listing, plans to raise up to $50 million
Recreational vehicle (RV) maker New Gonow Recreational Vehicles Inc. has passed its listing hearing with the Hong Kong Stock Exchange, clearing the way for it to formally launch its IPO. The company said it plans to sell 240 million shares for up to HK$1.64 each, which would raise HK$394 million ($50.7 million) if the shares price at the top of their range.
In 2014, New Gonow acquired Regent, an Australian RV brand with a history of more than 30 years. It moved production to China, but continued to sell its RVs in Australia and New Zealand. The company ranked second in market share for RVs in the local market last year. It reported a 79.97 million yuan ($11 million) profit last year, and its profits reached 39.53 million yuan in the first half of this year, up 25% year-on-year.
The company’s founder, Miao Xuezhong, previously served as a senior executive at Geely, one of China’s leading private automakers, for three years. He also worked as a senior executive at Guangzhou Automobile Group for six years.
By Lau Chi Hang
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