IPO Filing Date: Jan. 4. 2011
Expected IPO Date: Feb. 7, 2011
Revised on Feb. 10, 2011: Feb. 11, 2011
Expected Ticker Symbol: ZA (ZA) (NYSE)
Lead Underwriters: Cowen and Company Co-Managers: RBC Capital Markets (RY), Samsung Securities (Asia) and Janney Montgomery Scott
About the Company: Zuoan is a leading casual menswear fashion company in China. Citing a Frost & Sullivan report, the company said its "Zuoan"-branded products ranked second in China's casual menswear market, with 5.4% market share, based on retail sales data from 2009. The company currently sells products through a distribution network covering 27 of China's 32 provinces and municipalities and through direct store sales. Zuoan's revenue rose about 60% to RMB693.1 million, $103.6 million, in 2009 and RMB598.3 million in 2008, from RMB434.5 million in 2007. One of the main risks the company potentially faces is its dependence on the Zuoan brand. If the company fails to promote this brand successfully, it could hurt its business significantly. Zuoan, or "left bank" in Chinese, refers to the fashionable Left Bank area of Paris. The IPO will be an initial public offering of the company's American depositary shares. Competitors: Zuoan's biggest competitors include international brands such as Jack & Jones and local brands such as Mark Fairwhale and Jeep. IPO Scorecard:
Actual IPO Date: Feb. 14 Actual Proceeds Raised: $42 million Actual Offering price: $7 Actual Number of Shares Sold: 6 million (American Depositary Shares)
First Day Closing Price: $7.04 IPO First Day Return: -0.6%
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