MSPORTS ● 5150

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MULTI SPORTS HOLDINGS LIMITED
Yanshang Industry Zone
Chendai Town
Jinjiang City, 362200
China

Phone: 86 595 8205 8888
Fax: 86 595 8508 3788

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Listed Since: 19.08.2009
Par Value: USD0.05
IPO Price: 0.85

Market: MAIN
Sector: CONSUMER
Major Industry: TEXTILES, APPAREL & LUXURY GOODS

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MULTI SPORTS HOLDINGS LIMITED is an investment holding company. As of December 31, 2009, the Company had two subsidiaries: Pak Sing Shoe Material (H.K.) Limited, an investment holding company, and Jinjiang Baixing Shoe Material Co., Ltd, which is engaged in the design, development and manufacture of sports shoe soles. The Company offers thermoplastic rubber (TPR) shoe soles, rubber (RB) shoe soles, ethylene vinyl acetate model one (EVA MD1) shoe soles and MD2 shoe soles. Its TPR shoe soles are a physical mix of polymers, usually a rubber and a plastic. Its RB shoe soles used natural and synthetic rubbers for production. The main components of MD1 and MD2 shoe soles are EVA and rubber. Power Wide Holdings Limited is its ultimate holding company. Its products are for running, tennis, basketball, ping pong, climbing, skateboarding, cross-training, general-purpose sports and casual wear sports shoes.

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● CHANGES IN SHAREHOLDING - CURRENT - HISTORICAL
● CIRCULARS TO SHAREHOLDERS
● ANNUAL REPORTS

HISTORICAL

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1-Year Historical Daily Chart


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Dated: 30.07.2009
Source: Business Times

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Multi Sports Holdings Ltd, one of the top five sports shoe sole specialist maker based in Jinjiang, Fujian (China), expects to raise RM48.96 million from its initial public offer en route to a Bursa Malaysia listing next month. The company is offering 100.1 million ordinary shares of five US cents each at 85 sen a piece comprising an offer for sale of 42.5 million shares and a 57.6 million public issue. Of the shares made available to the public, 18 million will be allocated for the Malaysian public while the other 39.6 million for private placement to selected investors.

"Our primary aim is to extend our annual production capacity from approximately 24.6 million pairs to approximately 74.6 million pairs, expand our sales and marketing network in China, boost advertising and branding, and enhance product development capabilities," said Multi Sports executive director Huang Wei Min in a statement in conjunction with launch of the company's the listing prospectus today.

Multi Sports will be the second company from China to be listed on the local bourse. For the year ended Dec 31, 2008, it registered a net profit of RM49.2 million on back of RM205.6 million revenue. Jinjiang city is known as China's fourth shoe manufacturing capital and one of the world's largest sports shoe manufacturing hub, accounting for approximately 20 per cent of the world's total sports shoe production. -- Bernama

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Dated: 31.07.2009
Source: Business Times
By: Zuraimi Abdullah

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CHINA'S Multi Sports Holdings Ltd will have a market capitalisation of RM306 million by the time it makes its listing debut on Bursa Malaysia's Main Market tentatively on August 19. The shoe-sole producer, set to be the second foreign firm listed on Bursa Malaysia, is offering 100.1 million shares all priced at 85 sen each under its initial public offering (IPO). Multi Sports will have an enlarged paid-up capital of 360 million shares upon closing of the IPO offer on August 7. The company's listing prospectus, detailing the share offerings as well as the company's track record and growth prospects, was launched yesterday.

The IPO is arranged by AmInvestment Bank Bhd, which is also the sole underwriter and sole placement agent. The share offerings encompass a private placement of 42.5 million shares to selected investors and the public issue of 57.6 million new shares. About 18 million units of the 57.6 million are offered to the public while the remaining 39.6 million are for selected investors. AmInvestment managing director T.C. Kok said some 82 million of the 100.1 million shares had been successfully placed out prior to the prospectus launch. Kok is confident that the IPO will be warmly received by investors given Multi Sports' fundamentals and high growth prospects, coupled with the current liquidity in the local stock exchange.

Multi Sports is one of the top five sports shoe-sole specialists in Jinjiang in the Fujian province. Jinjiang City itself is known as China's sports shoes manufacturing capital, producing about 40 per cent of the country's production. The city is one of the world's largest hubs with about one fifth of the global out. "We are very optimistic about our prospects. We believe that China's domestic demand for and expenditure on sports shoes will continue to grow," Multi Sports executive director Huang Wei Min said in Kuala Lumpur yesterday.

The IPO will raise RM48.96 million and Huang said most of the money will be used to expand the company's production capacity. It wants to triple its annual output from 24.6 million pairs now to 74.6 million pairs in three years, he added. Multi Sports made a net profit of 92.2 million renminbi (RM49.2 million) on 385.3 million renminbi (RM205.6 million) revenue in the year ended December 31 2008.

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Dated: 11.08.2009
Source: Malaysian Insider
By: Bernama

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KUALA LUMPUR, Aug 11 — The initial public offering (IPO) by Multi Sports Holdings Ltd, one of China’s biggest manufacturers of shoe soles, has been well received by investors. It’s 18 million portion made available for Malaysian public has been oversubscribed by 4.26 times, with a total of 6,636 applications for 76,719,700 shares received. “The application volume and subscription rate show that Multi Sports is well received by the Malaysian public and are indicative of the receptiveness and confidence of investors,” said AmInvestment Bank Bhd’s managing director T.C. Kok. “This also augurs well for the Malaysian capital markets as Bursa Securities becomes a preferred listing destination,” he said in a statement.

AmInvestment Bank is the adviser, sole underwriter and sole placement agent for the public issue and offer for sale. Balloting of successful applications was conducted this afternoon. AmInvestment Bank also confirmed that the 82.1 million shares reserved for private placement to selected investors have been placed out. “We are pleased to provide the opportunity for Malaysian investors to obtain direct exposure to our company’s dynamic growth and indirect exposure to China’s strong retail market consumption,” said Multi Sports’ executive chairman and chief executive officer Lin Huozhi.

“As one of the first foreign IPOs in Malaysia, we wish to emphasise our continued commitment to sound management of our business fundamentals and good corporate governance, in the interest of all our stakeholders,” he said. All notices of allotment for these shares will be mailed to successful applicants on or before August 18, 2009. When its shares are floated on the Malaysian bourse, Multi Sports may also become the world’s first listed shoe sole manufacturer. – Bernama

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Dated: Tuesday, 18 August 2009 12:02
Source: The Edge
By: Cindy Yeap

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Shoe sole maker Multi Sports Holdings Ltd will be the second China-based company to debut on Bursa Malaysia’s Main Market this Wednesday, Aug 19. The group, known in the industry as the provider of the Huoxing brand of shoe soles, prides itself on being the “one-stop shoe sole specialist” for China’s sports footwear industry as it is “vertically integrated” and is able to process raw materials to produce components needed as well as design and develop shoe soles.

The company operates in Jinjiang city in Fujian province, China’s sports shoe manufacturing capital and one of the world’s largest sports shoe manufacturing centres. In 2007, Jinjiang accounted for 20% of the world’s total sports shoe production. There are an estimated 3,000 shoe manufacturers in Jinjiang producing an estimated 700 million pairs of shoes per year, according to Multi Sports’ initial public offering (IPO) prospectus, citing the China Leather Industry Association.

In 2008, Multi Sports Group had a 1% market share of China’s 2.1 billion pairs of rubber/plastic shoe soles production and 0.2% market share of the 10 billion pairs in the footwear soles sector in China, based on its output of 22 million pairs of sports shoe soles. The company’s executive chairman and founder, Lin Huozhi, 46, who started producing rubber shoe soles in 1993, is among the earliest shoe sole production entrepreneurs in Jinjiang and one of the pioneers who contributed to the growth of Jinjiang’s status as China’s sports shoe capital.

The group, one of the five largest shoe sole-makers in Jinjiang, currently has a 1,929-strong workforce, of whom 64% or 1,241 are skilled workers. The group has 300 customers, including Guohui, 361 degrees and Xdlong, manufacturers of well-known local sports shoe brands. Between 2005 and 2008, its annual production grew from about 4.9 million to 22.1 million pairs of shoe soles, with some 300 designs across four main product lines.

Multi Sports’ production capacity is set to triple over the next two years as some RM30 million of the RM48.96 million gross proceeds from the IPO has been earmarked for the expansion of its production capacity within 24 months. OSK Research, in a note dated Aug 7, says Jinjiang’s existing order book is three times its production capacity and reckons that the group’s earnings would see a compound annual growth rate (CAGR) of 18.3% over the next two years. In the past two years, the group registered a CAGR of 33.9%. OSK expects margins to improve on the back of higher production volume.

“Compared to the first Chinese IPO, we are slightly more positive on Multi Sports premised on its current order book which is three times its current capacity; high cash conversion cycle; less competition (about 100 shoe sole producers versus over 3,000 shoe manufacturers in Jinjiang). Previously, we pegged Xingquan International Sports Holdings Ltd’s FY2010 PER at 5.4 times based on S-share companies listed in Singapore rather than Hong Kong or China-listed companies. We believe it is more realistic given its lower earnings base and market capitalisation. Using the same FY2010 PER valuation of 5.4 times FY2010 EPS, we derive a fair value of RM1.03, with an upside potential of 21.5%,” OSK says.

Multi Sports’ promoters are issuing 57.6 million new shares, or 16% of its enlarged share capital, for the public flotation. Some RM25 million will go to the building of a new production centre with a 60,000 sq m built-up, and the remaining RM5 million for the setting up of new production lines.

Upon completion of the expansion, its production capacity is expected to triple from 24.6 million pairs per annum to about 74.6 million. It also intends to spend RM3.96 million on expanding its sales and marketing network in China by establishing up to five additional sales and marketing offices in well-established footwear manufacturing hubs like Guangdong province, Zhejiang province and Putian in Fujian province.

Five of its existing owners, including Lin’s Power Wide Holdings Ltd, are also offering for sale 42.5 million shares, or 11.81% of its enlarged share capital. Lin, who controls Power Wide, will see his holdings reduced to 50.5% from 66.67% following the IPO. Multi Sports directors plan to recommend and distribute 20% of net profit as dividends for FY2010 and FY2011, according to its prospectus. Also, the group “may consider” expanding its business through synergistic acquisitions, investments or joint ventures, to capture a larger market share locally and extend its geographical reach to strengthen its market position, expand its network of customers, widen its range of product offerings and benefit from economies of scale. AmInvestment Bank Bhd is the sole adviser, underwriter and placement agent for the IPO.

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Dated: Wednesday, 19 August 2009 09:40
Source: The Edge

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KUALA LUMPUR: The share price of Multi Sports Holdings fell below the offer price of 85 sen in early trade on Aug 19. It slipped to 84.5 sen, down 0.5 sen, with 69 million shares done at 9.31am. Earlier, it was up three sen to 88 sen at 9.02am. However, The FBM KLCI was 2.27 points higher at 1,166.68. Turnover was 161.85 million shares done valued at RM159.42 million. Shoe sole maker Multi Sports is the second China-based company to debut on Bursa.

OSK Investment Research was slightly more positive on the company based on its current order book which is three times its current capacity; high cash conversion cycle; less competition (about 100 shoe sole producers versus over 3,000 shoe manufacturers in Jinjiang). Using the FY2010 PER valuation of 5.4 times FY2010 EPS, it derived a fair value of RM1.03, with an upside potential of 21.5%.

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Published: Wednesday August 19, 2009 MYT 2:44:00 PM
Source: The Star

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KUALA LUMPUR: China-based shoe sole maker Multi Sports Holdings Ltd. began trading Wednesday on Malaysia's stock exchange, becoming the second foreign company to list here. It was a shot in the arm for the Malaysian bourse, which recently simplified and sped up procedures to attract more foreign listings and give its market more depth amid the global credit crunch. Multi Sports hit a high of 0.89 ringgit (25 cents) shortly after debuting on the main board of Bursa Malaysia, up from its initial public offering price of 0.85 ringgit (24 cents). However, it slid to 0.815 ringgit (23 cents) at noon in an overall sluggish market.

Chris Eng, analyst with OSK Securities, said investors are expected to be cautious with the two foreign stocks as the companies are fairly small and in the competitive area of shoe manufacturing. Stock of China's sportswear company Xingquan International Sports Holdings Ltd, which began trading July 10, was at 1.43 ringgit (40.4 cents) at noon Wednesday, down 16 percent from its IPO price of 1.71 ringgit (48 cents). "The appetite for good quality foreign IPO is huge but people tend to be cautious of generally small foreign companies," Eng said.

Authorities waived listing fees and gave fast-tracked approvals to Xingquan and Multi Sports under its efforts to get more foreign participation. Multi Sports Chief Executive Lin Hou Zhi said the company chose to be listed in Malaysia because it was less affected by the global financial crisis compared to other nations. The company has said it expected to raise 58 million ringgit ($16 million) from its share sale and would use part of the proceeds to build a second factory in China to triple its production capacity to 74.6 million pairs of soles a year. Based in the southeastern city of Jinjiang in the Fujian province, Multi Sports posted a net profit of 46.8 million ringgit ($13 million) last year. - AP

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Dated: 19.08.2009
Source: Business Times
By: Bernama

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Multi Sports Holdings Ltd, the Chinese maker of soles for shoes fell 10 per cent to 76.5 sen in its debut on the Kuala Lumpur stock exchange. It was also the most active counter.

MSPORTS, one of the five largest shoe sole manufacturers in Jinjiang city, China, is the second company from China to make a debut on Bursa Malaysia. "The company is delighted with the share performance on the exchange as it strongly reflects the support and confidence we have from the Malaysian public and institutional investors in our business and products," its executive chairman and chief executive officer Lin Hou Zhi told reporters after the listing ceremony. Lin said the company chose to be listed in Malaysia because the country was less affected by the financial crisis compared to other nations.

MSPORTS registered a net profit of RM46.8 million in the financial year ended December 31, 2008 on a RM195.78 million revenue. Its net profit and revenue grew at a compounded annual growth rate of 37.8 per cent and 34 per cent respectively over the last three years. Form the listing exercise, MSPORTS had expected to raise gross proceeds totalling RM57.6 million, mainly for its business expansion. It planned to spend RM30 million of the proceeds to set up a new plant in Jinjiang -- the Quanzhou Municipality in Fujian Province, China. Upon completion of the expansion, its production capacity is expected to triple from 24.6 million pairs per annum to about 74.6 million.

OSK Research said in its research note that the MSPORTS' existing order book was three times its production capacity and reckoned that the group’s earnings would see a compound annual growth rate (CAGR) of 18.3 per cent over the next two years. In the past two years, the group registered a CAGR of 33.9 percent, it said. -- Bernama