|By Marketwired .||
|May 8, 2014 06:15 AM EDT||
SUZHOU, CHINA -- (Marketwired) -- 05/08/14 -- China Commercial Credit, Inc. (NASDAQ: CCCR), a microfinance company whose current major business is providing microcredit loans and loan guarantees to small-to-medium enterprises (SMEs), farmers and individuals in Jiangsu Province, today announced the pricing of its secondary offering of 1,750,000 common shares and warrants to purchase an additional 875,000 common shares at a price of $4.00 per share and accompanying warrant.
The Company is offering 1,650,386 of its common shares and the selling stockholders are offering 99,614 common shares. Each common share is being sold together with a warrant, with each warrant being immediately exercisable for one-half of a common share at an exercise price of $5.60 per whole share for a period of three years after the issuance date. All warrants will be issued by the Company. The Company will receive gross proceeds of $6,601,544 from this offering. The Company will not receive any proceeds from the sale of shares by the selling stockholders. The offering is expected to close on or about May 13, 2014, subject to the satisfaction of customary closing conditions.
Net proceeds of approximately $5.7 million from this offering will be used primarily for the capitalization of Pride Financial Leasing (Suzhon) Co. Ltd., the company's wholly-owned subsidiary that will offer mid-to long-term leases on industrial machinery and equipment, transportation vehicles, and medical devices to SMEs, hospitals, municipal governments and public transportation entities.
The Company has granted the underwriter a 45-day option to purchase up to an additional 262,500 common shares and warrants to purchase 131,250 shares at the public offering price, less the underwriting discount, to cover any over-allotments.
In addition to utilizing the offering proceeds to fund Pride Leasing, the company plans to fund Pride via traditional bank loans initially equal to three to four times the total of Pride's registered capital. At its discretion, however, the company will have the option to expand this leverage up to ten times the total of Pride's registered capital.
Axiom Capital Management Inc. acted as sole book running manager and representative of the underwriters in the offering. ViewTrade Securities Inc. acted as co-manager. Ellenoff Grossman & Schole LLP acted as counsel to the Company and Reed Smith LLP acted as legal counsel to the underwriters.
As now one of a handful of equipment leasing companies in Jiangsu Province, Pride believes there will be "strong demand" for its leasing services and under terms highly attractive to Pride. According to CCCR's founder, CEO and Chairman, Mr. Huichun Qin, a former vice president at the Wujiang branch of Peoples Bank of China and former deputy director of the Wujiang State Administration of Foreign Exchange, "Many Chinese businesses have begun to recognize the benefit of leasing versus purchasing and understand that leasing will likely minimize significant upfront costs, maximize tax allowances, and effectively boost their productive assets without creating the need to provide any additional guarantee and other collateral typically required for bank loans."
Mr. Qin noted that in China only five percent of companies requiring the use of industrial machinery and equipment utilize financial leasing of these assets, compared to about 20 percent in the European and American markets. Based upon current growth patterns -- and recently announced government infrastructure development plans which should significantly increase demand for leased machinery, equipment and vehicles -- it is expected that the nation's financial leasing industry could grow at a compounded annual growth rate of up to 30 percent, and exceed $1.59 trillion by 2020.
"We are very optimistic about Pride's prospects and pleased to have completed this offering," concluded Mr. Qin. "The company can now embark on its next major growth phase as we expand operations to add leasing to our financial service offerings."
The offering of these securities has been made only by means of a prospectus. A registration statement relating to the shares of common stock and warrants has been declared effective by the Securities and Exchange Commission on May 7, 2014. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the final prospectus relating to the offering, when available, may be obtained for free by visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov.
About China Commercial Credit
China Commercial Credit (http://www.chinacommercialcredit.com), founded in 2008, provides business loans and loan guarantee services to more than 280 small-to-medium enterprises (SMEs), farmers and individuals in China's Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals -- which historically had been excluded from borrowing funds from State-owned and commercial banks -- are now able to borrow money at competitive rates from microfinance lenders. According to 2012 data, SMEs, farmers and individuals account for eight of ten jobs in China and comprise 60 percent of the nation's GDP.
Utilizing proceeds of this offering, the company intends to commence its financial leasing business. It also recently launched a peer-to-peer online lending platform designed to pair SME borrowers with willing lenders.
Investors wishing to receive CCC's corporate communications as they become available may go to http://www.ir-site.com/china-commercial-credit/default.asp and register under Email Alerts.
This press release contains forward-looking statements within the meaning of United States securities laws. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. You should review the factors described in the section entitled "Risk Factors" in our registration statement on Form S-1 filed with the SEC on May 7, 2014 and other documents we file from time to time with the SEC. We qualify all of our forward-looking statements by these cautionary statements.
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Feb. 22, 2017 11:00 AM EST Reads: 3,236
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Feb. 22, 2017 10:45 AM EST Reads: 340
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
Feb. 22, 2017 10:00 AM EST Reads: 1,499
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Feb. 22, 2017 09:45 AM EST Reads: 797
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 22, 2017 09:45 AM EST Reads: 1,324
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of pati...
Feb. 22, 2017 09:29 AM EST Reads: 145
Tricky charts and visually deceptive graphs often make a case for the impact IT performance has on business. The debate isn't around the obvious; of course, IT performance metrics like website load time influence business metrics such as conversions and revenue. Rather, this presentation will explore various data analysis concepts to understand how, and how not to, assert such correlations. In his session at 20th Cloud Expo, Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Sys...
Feb. 22, 2017 09:15 AM EST Reads: 1,379
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Feb. 22, 2017 08:45 AM EST Reads: 1,131
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Feb. 22, 2017 08:30 AM EST Reads: 833
Stratoscale, the software company developing the next generation data center operating system, exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016.Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere, IT is empowered to take control of their data ce...
Feb. 22, 2017 08:30 AM EST Reads: 849
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
Feb. 22, 2017 08:15 AM EST Reads: 4,655
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Feb. 22, 2017 08:00 AM EST Reads: 671
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Feb. 22, 2017 07:00 AM EST Reads: 2,936
To manage complex web services with lots of calls to the cloud, many businesses have invested in Application Performance Management (APM) and Network Performance Management (NPM) tools. Together APM and NPM tools are essential aids in improving a business's infrastructure required to support an effective web experience... but they are missing a critical component - Internet visibility.
Feb. 22, 2017 06:45 AM EST Reads: 1,639
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
Feb. 22, 2017 06:00 AM EST Reads: 1,851