Kowloon Mountain to raise 1 billion development vacation home

Every reporter Wei Yuqing has been suspended in Thursday in Kowloon Mountain (600555, the former closing price of 10.97 yuan) today issued a private issue of additional plans. The announcement shows that no more than 10 specific objects, including Securities investment fund management companies, trust companies, financial firms, insurance institutional investors, qualified foreign institutional investors (QFII) and other investors, The issue of 120 million shares (including 120 million shares), and not less than 90 million shares (including 90 million shares) shares, the net amount of fund-raising does not exceed 1 billion yuan. The issue price is no less than the fourth session of the 15th Board resolution of Kowloon Mountain July 7, 2009 (pricing base date) of the first 20 trading days of the company's shares of 90%, that is, not less than 7.78 yuan/share.　　As of last Wednesday, after a continuous rise in the previous period, Kowloon Mountain stock price closed at $10.97. The company said that the collection of funds will be all used to acquire the holding subsidiaries of Zhejiang Jiulong Mountain Development Co., Ltd. (hereinafter referred to as Zhejiang Jiulong Mountain) 20% Equity, to raise funds to invest not more than 100 million yuan, the acquisition of Pinghu Kowloon Mountain Ocean Garden Real Estate Co.　　The two projects of the "Kowloon Mount Poseidon Bay-Cape Castle" project and the "Kowloon Mount Poseidon Bay-Ocean Garden" project are planned to invest no more than $500 million and $320 million respectively. The announcement indicated that as of March 31, the total assets of Jiulong Mountain in Zhejiang province were 1.758 billion yuan, the ratio of assets to liabilities was 93.06%, and the net profit was 6.4765 million yuan in the first quarter of this year. Pinghu Jiulong Mountain total assets of 222 million yuan, the ratio of assets and liabilities of 47.31%, the first quarter of this year net profit of 240,500 yuan.　　The company said the acquisition of the two companies is due to the two companies will independently develop the "Cape Castle" and "Ocean Garden" project, the project is in good prospects. The company also said that through the Non-public offering, the company could speed up the development of the "Cape Castle" and "Ocean Garden" two projects, thus speeding up the flow of funds and raising the profitability of capital. The company estimates that the two vacation homes are expected to invest a total of 1.379 billion yuan, is expected to achieve sales revenue of 5.946 billion yuan, the project net profit is expected to be 1.685 billion yuan, the expected investment profit margin of 122%.　　Both projects are planned to commence construction in October 2009 and will be completed by July 2011. In addition, the data show that the Kowloon Mountain 2008 main income of 138 million yuan, net profit of 27.7223 million yuan, the first quarter of this year's main income of 4.3683 million yuan, of which investment income of 30.7962 million yuan, net profit of 5.273 million yuan.