Depu Technology (03823.HK) announced on August 7 that the proposed net allotment has raised 620 million yuan. Since the conditions of the placement were not fulfilled yesterday (August 31), the agreement has been terminated and either party has No claims may be filed with other parties. The company’s original proposal to increase the authorized share capital will not proceed.
The directors of the Company are of the view that the lapse of the Placing Agreement has no material adverse impact on the Company's overall existing business operations and financial position.
Depp previously appointed Dingshi Securities as the placing agent, intending to place no less than six placees at a price of 0.25 yuan per share, placing a maximum of 1.3 billion shares, accounting for approximately 14.2% of the company's enlarged share capital. It is estimated that the net proceeds will be 310 million yuan, and the proceeds will be used as general working capital for the LED lighting division and part of the professional football team, as well as funding for future business development.
In addition, the company also intends to appoint a placing agent through a special mandate to place up to 1.3 million shares at the same placing price as above, with an estimated net proceeds of 310 million yuan.
Previously, Depu Technology released its interim results report. Its turnover in the first half of the year was RMB 109.7 million, a decrease of 1.3% compared with the same period in 2015, a decrease of approximately RMB 1.3 million. In the first half of 2015, the gross profit was approximately RMB 13 million. More than five times, it was 63 million yuan; the loss during the period was about 78 million, and the loss in the same period of 2015 was about 55 million.
Depu Technology said in the announcement that the company's revenue mainly comes from sales of products and accessories of 54 million, energy-saving projects, service income of 9.98 million, broadcast revenue of 24.47 million, competition day ticket income of 8.34 million, sponsorship and advertising revenue of 12.84 million. Of the turnover, 61.58 million came from LED lighting and 49.17 million came from professional football clubs. In the announcement, there is no mention of the profit earned by Shanghai Fuchao Property Management specifically for the company.
Depp Technology is a manufacturer and marketer of LED lighting products and accessories. However, the announcement shows that the company's football competition revenue accounted for nearly 40% of its performance. For the acquisition of the French League football club Sochaux, Depp Technology believes that the acquisition has increased the exposure and visibility of the company's LED brand LEDUS in Europe.
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