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Huafeng Textile to continue seeking KRX listing

26
Mar '07
Leading Chinese fabric processor, the Huafeng Textile International Group confirmed its intention to continue to seek a listing on the Korea Exchange (KRX).

Further to Huafeng's previous disclosure regarding the company's intent to list its securities on the Korean Exchange, the company's management has reviewed the listing requirements and begun the application process to list the group's common shares on the KRX.

Speaking at the company's Extraordinary General Meeting (EGM), Huafeng's Chairman, Mr. Cai Zhenrong stated that the potential listing on Korea's national exchange would both increase the profile of the textile manufacturer amongst the investment community, plus help attract further private and institutional investors from across the region.

He expressed that the listing could prove to be a significant milestone in the development of Huafeng for many years to come. "Not only would the KRX listing present an opportunity for Huafeng to broaden its shareholder base, it would also significantly aid our planned expansion and growth through new international investment," stated Mr. Zhenrong.

In addition, Mr. Zhenrong expressed that he felt that the timing for the proposed listing was right. "As a company, we are in good shape. Our shares have quadrupled in value since our initial public offering on the Hong Kong stock market in 2002, and our stock has risen 17.5 per cent this year alone. "As a result, we feel ready to introduce the company and our fabric processing services to a wider, more international audience," Mr. Zhenrong continued.


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