China's Top Umbrella Exporter Files for IPO Amid Protests

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/ Source: Reuters

On the streets of Hong Kong, the so-called "umbrella revolution" pro-democracy protests are entering their third week. In the halls of finance, China's largest umbrella exporter is looking to capitalize by filing for an initial public offering. Jicheng Umbrella Holdings Ltd is raising funds to build a new factory and expand its output, according to its preliminary IPO prospectus filed late on Wednesday. The company, based in Jinjiang in the southern Fujian Province, didn't disclose the size of the planned deal.

Hong Kong didn't rank among export-dependent Jicheng's five biggest markets last year. But the city emerged as the company's third-largest market for the six months ended in June 2014, according to the IPO prospectus. Jicheng, founded in 1996 and controlled by businessman Huang Wenji, is the third-biggest umbrella maker in China, but unlike its competitors focuses on sales to overseas markets. Nearly three-quarters of sales were to clients in Japan in 2013, with mainland China its second-biggest market by revenue with an 11.7 percent share.


-- Reuters and NBC News staff