This is Daphne International (210.HK) 5 dated 13 May closing price, compared to last year when the TPG announced the investment of less than 3 Daphne Hong Kong dollar / share price rose more than 150%.
TPG does not meet the price, because of the Daphne's
2009 年 6 月, TPG to 550 million yuan of Daphne with strategic investment. Under the agreement, TPG subscription expires in 2014 Daphne unsecured convertible bonds, and may specify the terms of the ordinary shares converted into shares of Daphne, an initial exercise price per share of 3.5 million. Meanwhile, TPG will purchase Rudafuni 100 million copies of the warrants, the exercise price of HK 4 / share.
2009 年 9 月, TPG Partner, Managing Director Mary Ma 加入达芙妮 Board as non-executive director, and director of TPG's business while at the same time Kim Jin Jun 加入达芙妮 as alternate director to the horse .
the beginning of the end of this year, TPG introduced to Daphne's new CFO, vice president of supply chain management, human resources vice president in succession such as four new executives in place.
so before the period, whether the board or executive level, Daphne are defined to achieve their own
Daphne-style
introduction of TPG, a large degree from the Daphne, a
2007 年 8 months, a man named Zhang instrument were arrested and escorted back to Taiwan, Taiwan police prison. In response to this news, Daphne shares fell 26.44%, the highest November 8, 1996 the maximum daily decline since.
Daphne Chang is one of the founders. Although Daphne quickly Foreign clarify the reasons for arrest Zhang unrelated instrument, but this is later, in 2007, the rest of the time, Daphne's stock price remains in the doldrums.
course, there are performance relationship. Daphne worse than the performance of fiscal 2006, market expectations, Morgan Stanley,blackhawks jerseys, Citigroup and other institutions have lowered the rating on the Daphne, which depressed its stock price
Daphne feels that lacking.
but to eliminate this concern, to improve the corporate image, Daphne that they needed
their decision,
after talking with a number of fund, TPG to become the final winner. Under the agreement, if the TPG all bonds and warrants are fully exercised, it will get Daphne up 14.5% of its enlarged share capital of international equity.
However, according to its December 31, 2009 annual report, Chen and Zhang family holds a total of more than 45% stake in Daphne is still a large shareholder. They each have 2 seats on the board: Chieh served as Chairman of the Board, one of the founders Hsien Min (Chieh of the uncle) as Managing Director; and Zhang and Zhang Zhikai instrument's two sons were also on the board Joe Zhang Zhi as executive director.
and as an investor, TPG's Mary Ma to enter on behalf of Daphne Board as non-executive director,mac makeup, Kim Jin-jun as the alternate director is,
say in the end.
this, frankly Daphne area, compared to before TPG entered, Chen and Zhang family in equity and changes in board level, Daphne, the degree of professional managers is very high.
This style of relating with TPG. After investing in a company, TPG also make good use of the practice of conventional one, the introduction of their established management team.
in Daphne is no exception.
TPG entered before Daphne as a listed company, CFO's position has been vacant for 2 years, financial work part-time by the company's other vice president.
and Chairman of the Board Chieh Daphne introduction by Mary Ma, the realized, the enterprise to a certain stage, CFO can not continue to must manage the account,mac brushes, cash flow management, budget management, advanced stage of CFO function is much greater.
came to understand Chieh TPG therefore commissioned to help referrals CFO, which is TPG made a commitment to Daphne.
2010 年 1 month, the referral in the TPG, the Daphne's new chief financial officer Linzhe Li took office, and previously worked in a U.S. car company for nearly 20 years, including 15 years in the headquarters finance.
the same time, TPG was also cited Rudafuni Chen Lili, a human resources director. B & Q Chen previously served as executive vice president of China Investment Co., Ltd., quite good experience in human resources.
also for the introduction of human resources executives, Daphne reason given is that and specialized line.
Indeed, TPG shares in the second half of 2009 after the Daphne charge of human resources executives have left, until a new executive in place, this position has been vacant, and work by other Deputy concurrently.
almost at the same time, TPG Daphne also introduced a new Chief Operating Officer.
It is understood that Daphne's family members, Chieh primarily responsible for strategic work, and is currently responsible for plant operations Hsien Min retirement plans later this year, when the family involved in the practical implementation of Daphne will be mainly Chieh one.
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