EQS Group-Ad-hoc: Phoenix Mecano AG / Key word(s): IPO
First listing of a Swiss company on the Shanghai tech market
23-Nov-2020 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
*Media release*
Kloten/Stein am Rhein, 23 November 2020 - The Phoenix Mecano Group is
planning a (partial) listing on the Shanghai Stock Exchange STAR Market,
becoming the first Swiss company to make this move. On 1 January 2021, a
separate business area will be created and spun off under the name
DewertOkin Technology Group, with a view to a subsequent launch on the
world's newest tech market. Phoenix Mecano intends to use the proceeds from
the listing to raise fresh capital in order to expand its share of the
fast-growing market for electrically adjustable furniture.
The planned partial listing on the Shanghai STAR Market is a major milestone
for Phoenix Mecano. "We deliberately chose Shanghai because the highly
dynamic Chinese economy offers great potential for expanding our activities.
A number of competitors have recently launched on the Shanghai Stock
Exchange with great success or are planning to do so in the near future.
DewertOkin Technology Group is already a global leader in parts of its
target markets for smart, electrically adjustable furniture and is now ready
to systematically capitalise on the available growth windows. A listing on
the STAR Market will offer a lot of flexibility in the heavily regulated
Chinese capital market and bolster our status as a technology company," says
Benedikt A. Goldkamp, Executive Chairman of Phoenix Mecano's Board of
Directors.
Phoenix Mecano has been present in China since 1996 and has several
well-established production sites in the country. The DewertOkin Technology
Group business area develops and produces high-performance system solutions
for ergonomic furniture for the home comfort sector, hospitals, nursing
homes and offices. These include smart control systems, software, sensors,
drive technology and kinematic fittings. The long-term growth of its target
markets has accelerated again in the last three years and is now well into
double digits. Over the next five years, Phoenix Mecano plans to invest
around EUR 100 million in Jiaxing (greater Shanghai area) to expand its
development and production capacity. This major expansion in China cannot be
financed from existing cash flow without affecting the development of the
Group's other business areas, which is why Phoenix Mecano is looking to
launch on the Shanghai STAR Market in 2022.
Phoenix Mecano's CEO Rochus Kobler says: "A real technology cluster is
forming in that region, creating optimum conditions for growth. We're highly
confident that we will benefit from this dynamic environment and that we can
significantly strengthen our position as a provider of digital and
integrated system solutions."
*About Phoenix Mecano*
The Phoenix Mecano Group is a global player in the enclosures and industrial
components segments and is a leader in many markets. Headquartered in Stein
am Rhein, Switzerland, the Group employs around 7,000 people worldwide and
generated sales of &euro680 million in 2019. It is geared towards the
professional and cost-effective manufacture of niche products and system
solutions for customers in the mechanical engineering, measurement and
control technology, medical technology, aerospace technology, alternative
energy and home and hospital care sectors. Phoenix Mecano was founded in
1975 and has been listed on the Swiss stock exchange since 1988.
*For more information, please contact:*
Phoenix Mecano Management
Dr Rochus Kobler, CEO
Lindenstrasse 23, CH-8302 Kloten
Tel. +41 (0)43 255 4 255
info@phoenix-mecano.com
www.phoenix-mecano.com [1]
End of ad hoc announcement
Language: English
Company: Phoenix Mecano AG
Hofwisenstrasse 6
8260 Stein am Rhein
Switzerland
Phone: +41 (0)43 255 4 255
ISIN: CH0002187810
EQS News ID: 1149806
End of Announcement EQS Group News Service
1149806 23-Nov-2020 CET/CEST
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=dab465a84f3b17eb8aba5c3f609d007b&application_id=1149806&site_id=vwd&application_name=news
(END) Dow Jones Newswires
November 23, 2020 01:01 ET (06:01 GMT)