CC Jewelry Co., Ltd. (0001485537)

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Saturday, October 2, 2010

IPO Activity

CC Jewelry Co., Ltd. plans for Initial Public Offering. The company had previously merged with a private non-operating shell company.

Company Snapshot:

Leading fine jewelry retailers in China

Industry Snapshot: (Company Commentary)

  • According to the Global Industry Analysts, Inc., or the GIA, the precious jewelry market in China has increased by 35% since 2001, reaching $14.9 billion in 2006.
  • The GIA has predicted that the total market size for precious jewelry will exceed $18.2 billion in 2010.
  • We believe that China’s fine jewelry market will continue to grow as China’s economy continues to develop. Because gold and diamonds have long been a symbol of wealth and prosperity in China, demand for jewelry is firmly embedded in the country’s culture. The fine jewelry market is currently benefiting from rising consumer spending and rapid urbanization of the Chinese population. We believe that we are well-positioned to build up our brands and capture an increasing share of China’s growing fine jewelry market.

Use Of proceeds:

We intend to use our net proceeds from this offering to open new boutiques in China and for working capital and other general corporate purposes.

Underwriter: TBA

Proposed offering price: TBA

Post IPO Share Calculation: TBA

Financial Snapshot:

  • Revenues of approximately $58.9 million as compared to revenues of approximately $59.8 million during year ended December 31, 2008, a decrease of $0.9 million, or 1.4%.
  • Net income totaled approximately $6.2 million for the year ended December 31, 2009, as compared to approximately $3.2 million for the year ended December 31, 2008, an increase of 93.8%.
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Financials
Year Ended December 31,
  
   
2009
(Audited)
    
2008
(Audited)
    
2007
(Unaudited)
    
2006
(Unaudited)
    
2005
(Unaudited)
  
                               
Revenue, net
   $ 58,920,419     $ 59,767,770     $ 32,435,935       18,486,338       12,379,178  
Cost of goods sold
     41,180,014       44,148,820       22,354,515       12,948,019       9,117,960  
Gross profit
     17,740,405       15,618,950       10,081,420       5,538,320       3,261,219  
Operating expenses
                                        
Selling expenses
     5,103,750       5,946,222       3,893,923       2,017,397       1,516,743  
Advertising expense
     1,216,275       1,591,568       730,849       333,795       147,791  
General and administrative expenses
     1,979,296       2,590,548       2,344,795       1,260,551       666,174  
Total Operating Expenses
     8,299,321       10,128,388       6,969,567       3,611,743       2,330,708  
Income from operations
     9,441,084       5,490,612       3,111,853       1,926,577       930,511  
Other income (Loss)
                                        
Interest expenses, net
     (957,643 )     (1,051,180 )     (474,202 )     (294,649 )     (232,875 )
Other expenses, net
     (85,970 )     (47,048 )     2,351       25,858       105,131  
Total other expenses
     (1,043,613 )     (1,098,228 )     (471,851 )     (268,791 )     (127,744 )
Income before income taxes
     8,397,471       4,392,384       2,640,002       1,657,786       802,767  
Income taxes
     (2,170,785 )     (1,179,861 )     (660,000 )     (414,447 )     (200,692 )
Net income
     6,226,686       3,212,523       1,980,001       1,243,339       602,075  
Other comprehensive income
                                        
Foreign currency translation adjustments
     55,309       1,104,798       -       -       -  
Comprehensive Income
   $ 6,281,995     $ 4,317,321     $ 1,980,001       1,243,339       602,075  
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