New World Strategic Investment Limited ("NWSI"), a wholly-owned subsidiary of New World Development Company Limited ("NWD"; Hong Kong stock code: 17) congratulates the successful listing of Renhe Commercial Holdings Limited ("Renhe"; Hong Kong stock code: 1387) on the Main Board of The Hong Kong Stock Exchange Limited today, raised approximately HK$3.4 billion. NWSI, being the first and the lead investor, together with its affiliates, invested an aggregate of approximately RMB 1.6 billion in Renhe and became the second largest shareholder in Renhe. NWSI's investment in Renhe is one of the largest private equity investments in 2007 and Renhe is one of the largest privately-owned companies listed in Hong Kong this year.
Commenting on the investment in Renhe, Mr Adrian Cheng, Managing Director of NWSI and Executive Director of NWD, said, "Renhe's successful listing at the time when the financial turmoil hits the global financial market with tough and uncertain market sentiment demonstrated the strength of its unique and solid business model as well as its growth potential. We are delighted to be its second largest shareholder and participated in its listing. We wish Renhe every success in its business".
NWSI demonstrated its post-investment commitment by playing a vital role in the entire listing process with Mr Adrian Cheng, leveraging on his extensive corporate finance experiences, led the team in providing full support to Renhe in all aspects. The close working relationship will continue to enhance the synergy between New World Group and Renhe.
The successful listing of Renhe could be viewed as the first milestone of investment made by NWSI which will continue to strive to become a leading private equity firm by sourcing attractive investment opportunities on strength of its international brand name, local knowledge and strong capital.