Man Wah Holdings (388), the Hong Kong invested leather sofa designer and manufacturer will seek approval for listing in the Hong Kong Exchanges and Clearing
Limited
today. The capital will be raised, instead of US$100 to 200 million (approx. HK$0.78 to 1.56 billion) as the market expected, to US$ 400 million (approx. HK$3.12 billion)

Based on the information revealed, once approved, Man Wah will proceed to preliminary introduction
early next month. The plan is to offer shares in mid-March and go public in late March. The total amount of capital raised will extend from
$0.78 to 1.56 billion as the market expected to as much as $3.12 billion, providing sufficient capital for boosting productivity and broadening sales network. The sponsor is Macquarie Group.

Founded in September 1992, Man Wah focuses on the design and manufacture of middle and high end leather sofa, headboard cushions, panel furniture and furniture accessories. Man Wah has its own sofa brand “CHEERS”, the products of which are exported to markets in Europe, America and Asia. The sofa manufacturing plants of the brand are located in Shenzhen and Huizhou.

Man Wah was a listed company in the Singapore Exchange since 2005. Delisted last year, the corporation has re-developed its strategic plan to go public in Hong Kong this year. At present, the corporation has at least 300 flagship stores of the brand throughout China, with more than 80 CHEERS distributors in Hong Kong. Man Wah has also established the furniture retail chain Morewell Furniture in Hong Kong, promoting its wood furniture brand “land”. The Corporation Chairman Mr Wong Man-li was awarded the Young Industrialist Awards of Hong Kong.