In an interview with Chinese media yesterday, Mr. Jianeng Pan, Assistant to the Chairman, provided an update to Xiniya's plans for the new manufacturing and logistic facilities. He said that the Company is awaiting approval from the government to acquire land use rights for the facilities.
The budget for the facilities, including the land use rights, is expected to be approximately RMB600 million (or approximately US$94 million).
He added that the facilities will be built in several phases over the next five years (assuming the Company obtains government approval for the land use rights) and that construction is expected to be funded with the proceeds from the IPO and internally generated cash.
Projected to be built on 74 acres of land, the Mr. Pan said that the Company's goal for the proposed new facilities is to provide the Company with 30 to 40% of its total production needs and act as a logistics distribution center.
China Xiniya Fashion Limited
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