At 9:30 last night, at 9:30 a.m. on April 18, US time. From this moment onwards, SORL from Wenzhou China-Ruili Group ended the 22-month over-the-counter (OTCBB) history. Listed on the Main Board of the Nasdaq (NASDAQ) stock market in the United States.
Zhang Xiaoping, Chairman of Ruili Group, said wittyly, “At Nasdaq, I finally became a full-time party member from the Preparatory Party members.â€
OTCBB listed for 22 months, trade flow is only 5%
On July 16, 2004, Rui'an Auto Parts Co., Ltd., a subsidiary of Ruili Group, was listed on the OTCBB (over-the-counter market) of the US Nasdaq under the symbol "SAUP.OB" by becoming a "Shell." The first listed private enterprise.
Since OTCBB counter trading is a sub-board market, Nasdaq has more restrictions on counter trading. Many U.S. large funds cannot trade Ruili shares. In the past two years, the trading volume of Ruili has also been very small, accounting for only about 5% of the total share capital.
Buying shells into the over-the-counter market is only the first step in the listing of Ruili. In 2005, Rui Li filed an application for entry into the Main Board for Nasdaq. After NASDAQ's rigorous review, on the morning of April 14th, US time, Nasdaq disclosed to the public that on April 18, Ruili will formally be listed on the Main Board.
Two major benefits of entering the motherboard
Now that it has been transferred to the Main Board, U.S. fund institutions are free to buy Rui Li’s shares, which will provide investors with greater liquidity and visibility. In the beginning, we chose to go public in the United States, which is to open the door to the US market through the platform of securities trading, Zhang Xiaoping said. After the transfer to the Main Board, Ruili's trading code changed from SAUP.OB to Ruili's registered trademark "SORL", which greatly improved the image and advertising effectiveness of Ruili in the American public.
Zhang Xiaofeng, general manager of Ruili Group, said that this is one of the several major benefits of switching to the Main Board.
In addition, the listing of the Main Board provides a more convenient way for Ruili's next-step financing.
It will help Ruili to rapidly expand its strength through strategic operations in various capital markets, including financing and mergers and acquisitions.
It is reported that in the next step, Ruili will publicly raise 30 million U.S. dollars for the construction of 361 acres of export product base in Rui'an and expand its production capacity and R&D investment.
Overnight, the market value has doubled
At present, the total share capital of Ruili SORL in Nasdaq is 13.3 million shares. After Nasdaq disclosed that Ruili would enter the Main Board transaction on April 14, Ruili’s share price rose from more than 4 US dollars per share. To 9 US dollars, the market value is about 130 million US dollars.
According to the 2004 Ruili OTCBB announcement, Zhang Xiaoping and Zhang Xiaofeng respectively hold 66.4% and 8.5% of the company's shares. If the shareholding ratio does not change, according to the current market value of the stock, the Zhang brothers are now in the Nasdaq. Ke's worth has soared to over 97 million U.S. dollars.
According to rough statistics, there are about 120 red-chip stocks listed in the United States with Chinese background companies, of which sixty to seventy are listed on the OTCBB (over-the-counter market) or PinkSheet (pink board) equivalent submarkets. Fifteen-six of them were listed on the Main Board of the NYSE (NYSE) and less than 10 were listed on the AMEX (The Exchange), and 30 on the NASDAQ (Nasdaq) Main Board. For the entire year of 2005, there were less than 10 red chip companies in the Chinese background that were traded on the counter or in similar sub-board markets that were approved to transfer to Nasdaq or the US Stock Exchange. Ruili is the second Chinese company in Zhejiang Province listed on the Main Board of the United States.
Ruili Group Introduction
Ruili Group is the first privately-owned company listed overseas in Wenzhou area. It specializes in producing all kinds of auto parts products. It is a non-regional enterprise group. For China FAW Group, Dongfeng Group, SAIC Group and more than 30 domestic automakers to provide supporting services.
In the international market, companies have established overseas branches in the United States, Middle East, Dubai and other countries and regions. They have won the trust of foreign customers. The products have provided services for cars in Europe, America, and Japan, and they are gradually entering global auto parts. Procurement system.
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