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NEW FOCUS AUTO TECH HOLDINGS LIMITED (Stock Code: 0360)
Substantial Shareholder:
Company Subsidiaries: COMPANY OVERVIEW The Group is principally engaged in the manufacturing and sale of electronic and power-related automotive parts and accessories which are for leisure and safety purposes. Being a market-driven innovative design manufacturing company, the Group has successfully developed five categorize of automotive parts and accessories including inverters; multi-functional power packs; automotive lights (in particular, HID lights);cooler/warmer boxes; and other accessories (such as chargers and converters). Its custoemrs which primarily comprise leading hypermarkets, electrical or electronics chain stores and department stores. Other then the manufacture of automotive parts and accessories under its customers ’ brand names, the Group also manufactures automotive parts and accessories under the brand name of "NFA" and sells these products through its own distribution network comprising an increasing number of automotive aftermarket services chain stores in the PRC.In respect of the sales of the Group's products for the ten months ended 31 October 2004, approximately 92.5% of the sales were attributable to manufacturing for custoerms under their brand names, while the remaining approximately 7.5% were attributable to sales under the Group's brand. At the Latest Practicable Date, the Group has registered 90 patents in the PRC for its self-developed products. Currently, NFA Service has already established a network of 39 automotive aftermarket service chain stores in Shanghai and Jiangsu province, of which 35 are under the brand name of "Autolife" and 4 under the brand name of "ACDelco".These chain stores are primarily engaged in automotive maintenance and repair; distribution and retailing of automotive parts and accessories; provision of automotive cosmetic and restyling services; and some extend services Currently, the automotive aftermarket service chain stores of the group have already stocked a wide variety of automotive parts and accessories which could be categorized into audio ad video; battery and chemicals; tyres and wheel hubs; interior accessories; and exterior accessories. COMPETITIVE ADVANTAGES The Directors believe that the success of the Group is attributable to the following factors:
In the view of the Directors, the Group is capable of identifying market trends, swiftly focusing its resources on designing and developing new products enhancing the features of existing products according to the market demand and proactively marketing product ideas to the Group's overseas customers.
303 models of products which have bee successfully sold to the market throughout the Group's operational history.
The Group's strong customer base covers distributors, automotive parts shops and large retailed in the PRC and large distributors in the overseas market.
The Group was awarded quality system certificates for conforming to the "quality system standard".
Part of the Group's production facilities are capable of cross-product-type production so that they can be well utilized.
The management team has accumulated relevant industry experience and knowledge of the local business environment and developed a strong understanding of automotive owners in the PRC. RISK FACTORS FINANCIAL RECORD
Ten month 31 October 2004 ended Turnover distribution PROFIT FORECAST
FUTURE PLANS The Group's overall business development strategy is to leverage on its market-oriented design and research capacity and its ability to respond and adapt quickly to market trends an changes in customer preferences/requirement in order to become a leading automotive parts and accessories manufacturer and a "one stop solution" automotive aftermarket services chain stores operator in the PRC. Continuous development of the manufacturing and sale of automotive parts and accessories business In order to maintain its competitive strength and achieve further growth, the group plans to implement the following strategies:
One of the Group's recent achievements has been the development of HID light. With HID lights superior performance as compared with conventional vehicle lights, the Directors consider that HID lights have considerable market potential. Continuous research and development efforts will be made to refine the production techniques for , and technology of, HID lights and to increase the variations of the product line.
The Group intends to strengthen its sales efforts targeting large retail chain stores and automotive manufacturers in the international market through active participation in international automotive product exhibitions and trade fairs.
The group intends to build a new production plant in the form of a complex with an aggregate floor of 71,130 sq.m.
The Group targets to establish around 80 new automotive aftermarket service chain stores by the end of 2005 within Shanghai Jiangsu and Zhejiang regions of the PRC, under three main themes namely, USE OF PROCEEDS The Directors intend to use the net proceeds from the Share Offer to implement the Group's future development plans. Based on the Offer Price of HK$0.82 per Offer Share, being the mid-point of the indicative Offer Price Range, the net proceeds from the Share Offer, after the deduction of underwriting commission and estimated expenses paid and payable by the Company, are estimate to be approximately HK$63 million. The Directors currently plan to use such net proceeds as follows:
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