Sinoref exceeds public offer by 208.5 times

China's leader in advanced steel manufacturing is set to issue 390 million shares in its global offering as it receives overwhelming response in the market.

Sinoref Holdings Limited, a leading manufacturer of advanced steel flow control products in the People's Republic of China, announced Tuesday that the Placing has received overwhelming market response, and its Hong Kong Public Offer recorded encouraging subscription rates of over 208.5 times.

The Offer Price has been set at HK$0.76 per Offer Share, a Sinoref report said.

Sinoref is issuing a total of 390,000,000 Shares in its Global Offering, of which 90% are International Offer Shares and 10% are Hong Kong Offer Shares. Based on the Offer Price determined at HK$0.76 per Offer Share, the net proceeds from the Global Offering, after deduction of related underwriting commissions and expenses and assuming no exercise of the Over-allotment Option, is estimated to be approximately HK$195.3 million.

Trading of the Group’s shares on the Main Board of HKSE will commence on Wednesday 7 July 2010 under the stock code “1020” with board lots of 4,000 shares.

Sinoref Chairman and CEO Mr. Xu Yejun said, “We are delighted to have received widespread interest in our Initial Public Offering from institutional and retail investors, which is a strong testament and overall recognition of Sinoref’s strengths and future growth potential. Listing on the Hong Kong Stock Exchange is not only a recognition of our past achievements, but also a major milestone and step towards our larger goal and ambition of becoming the market leader in China and around the world.”

“As a fast-growing market leader in the high-end steel control flow product market in China,with strong customer base, outstanding capability in product development and sufficient funding, Sinoref is well positioned to capture the raising demand in both domestic and overseas markets. Therefore, we are confident we can achieve continuous and sustainable business growth, and deliver attractive returns for our shareholders,” added Mr. Xu.