China’s Pangu Woodwork Files for $29 Million US IPO

According to the Bomar business news, Pangu Woodwork Corporation Limited (Pangu Woodwork) today has filed with the SEC for a $28.92 million IPO on the New York Stock Exchange on 28, May.

Hoping to soon hit Wall Street tickers as NYSE:PGWW, Pangu Woodwork’s F1 filing points out how it run its business and ship their products to over 80 countries. According to a regulatory filing, Pangu Group and Deco Home (China) Limited hold a 35.6% and 12.4% stake in the company, respectively. Other shareholders include INTL Wall Paneling Corporation, Guanghe Acoustic Material Supplies Co., Ltd, Series Wall Designs Inc and ASI sourcing Inc. The company has filed a registration with the US Securities and Exchange Commission (SEC)

Established in 1997, Pangu Woodwork Co., Ltd is now becoming a leading manufacturer and supplier of architectural wall panels that including 3d wall panels, textured wall panels, sculptured wall designs, decorative wall screens, acoustic wall panels and a wide variety of woodworks. They offer state-of-the-art solutions for interior decoration at both commercial and residential level, Pangu have established long-term strategic partnership with the most famous real estate joint-stock company such as Zhao Shang Real Estate Co., Ltd (stock No. in China: 000024), Guang Tian Decoration Co. (stock No. in China: 002482).

”We have grown significantly since we commenced our operations. Our net revenues grew from $0.16 million in 1997 to $69.2 million in 2012. The distributors increased from 3 in domestic markets to over 110 distributors in domestic markets and 43 oversea distributors in global markets in 2012. We experienced a clear profit of $5.8 million, $8.4 million and $11.3 million in 2010, 2011, and 2012, respectively. We also used cash in operating activities of $4.6 million and $6.2 million in 2010 and 2011, respectively. We generated $9.8 million in cash from operating activities in 2012.” Mr. Water Yee, the CEO of Pangu Woodwork Co., Ltd, said in interviews.

It’ll be the first Chinese tech IPO since the largely positive listing of gaming platform YY (NASDAQ:YY) in November. The company, which focuses in developing exciting interior environments through the application and installation of decorative wall panels, delivers wall paneling products to consumers across the globe, will use the proceeds to finance business operations, which include technology infrastructure investment, launching the new wall paneling products and marketing.

“Our goal is to become the most outstanding interior wall system manufacturer and supplier in the world, and now we are on the right way to lead there!” Said Water Yee.

One Response to China’s Pangu Woodwork Files for $29 Million US IPO

  1. The market of acoustic art panels has been expanding since the demand for huge buildings started in china.

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