Chervon Holdings (“Chervon” or the “Company”, stock code: 2285.HK), a global provider of power tools and outdoor power equipment (“OPE”), is officially listed and commenced trading on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) today.
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| Chervon Holdings Limited Listing Ceremony |
The total number of offer shares under the Global Offering amounts to 71,916,000 shares, with the final offer price determined at HK$43.60 per offer share. The net proceeds from the Global Offering to be received by the Company, after deduction of the underwriting fees and commissions and estimated total expenses payable by the Company in connection with the Global Offering, are estimated to be approximately HK$2,957.15 million. The final numbers of Hong Kong offer shares and International offer shares are respectively 7,191,600 and 64,724,400, respectively representing 10% and 90% of the total number of the offer shares initially available under the Global Offering before any exercise of the Over-Allotment option.
Chervon focuses on innovation (especially lithium-ion battery system technology), offering a comprehensive range of products under a portfolio of well-recognized brands, which are tailored to address the diverse needs of our end users around the world. The Company currently owns five differentiated and well-recognized brands that cover key geographies and segments, namely EGO, FLEX, SKIL, DEVON and X-TRON. The EGO brand has gained strong recognition in the global electric OPE market since its establishment in 2013, covering mowers, string trimmers, chainsaws and leaf/snow blowers categories. In 2020, the Company ranked the 9th and accounted for approximately 1.7% of the global power tool market, and ranked the 10th and accounted for approximately 2.1% of the global OPE market, and ranked the 13th and accounted for approximately 1.9% of the combined global power tool and OPE markets, in each case by revenue.
Leveraging its insights into advanced technology and user-centric innovation, Chervon continuously introduces new products showcasing advanced technology and product engineering capabilities. Relying on the multi-channel sales and distribution network, innovative products are sold to many regions in North America, Europe, Asia, and other key markets around the world. Existing global operations and robust brand portfolio allows the Company to further expand its market share while meeting the needs of end-users in target markets. With the interlinkage of research and development, manufacturing and sales and distribution and ultimately the formation of a mature integrated system, Chervon maintains and continues to consolidate its leading position in the global market for power tools and OPE.
Mr. Pan Longquan, Executive Director, Chairman and CEO of Chervon said, “Today, Chervon officially listed on the Hong Kong Stock Exchange, opening a new chapter for the Company’s development. Chervon’s successful debut demonstrates the trust and support of global investors in the Company’s business development and culture. Besides, Chervon has also stepped onto the international capital stage, demonstrating its features and advantages in all aspects. Moving forward, we will continue to strengthen our product innovation capabilities, enhance the competitive advantages of our products, and promote the high-quality development of the manufacturing industry. We are determined to become a global leader in power tools and outdoor power equipment in the lithium-ion, intelligent and digital era.”
About Chervon Holdings Limited
Chervon Holdings Limited is a global provider of power tools and outdoor power equipment (“OPE”). The Company offers a comprehensive range of products under a portfolio of well-recognized brands, which are tailored to address the diverse needs of its end users around the world. Chervon currently owns five differentiated and well-recognized brands that cover key geographies and segments, namely EGO and SKIL for both premium and mass-market end users, FLEX, DEVON and X-TRON for industrial/professional end users.
Topic: Press release summary
Sectors: Engineering
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