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Firstextile AG

EANS-News: Firstextile AG: First day of trading on the Prime Standard of the Frankfurt Stock Market

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Financing, Stock Offerings (IPO)/First day of trading

Subtitle: Successful listing of shares of China’s leading manufacturer of
high-end yarn-dyed fabrics on November 12th // Issue volume of EUR 18 million
with a placing price of EUR 10.00 per share

Frankfurt am Main (euro adhoc) - November 12, 2012 - The shares of Firstextile
AG (FT8) will be traded on the Prime Standard of the Frankfurt Stock Exchange
for the first time today. A total of 1.8 million new ordinary bearer shares were
assigned predominantly to institutional investors and wealth managers based in
continental Europe and the UK. The placing price was set at EUR 10.00 per share.
Macquarie Capital (Europe) Limited acted as Sole Global Coordinator and Sole
Bookrunner for the transaction, with M.M. Warburg & Co KGaA acting as Co-Lead

Founder and CEO Fred Yang commented: "In the last few weeks we had a very busy
schedule and met with numerous investors. We are proud that we were able to
realise this project despite the current challenging IPO conditions. We view the
successful completion of our IPO as a confirmation that the strategy we have set
out for the company is appealing to investors, and that they believe in the
future growth and potential of our company." 

Since its foundation in 2006 in Jiangsu Province, China, as one of the main
centres of the Chinese textile industry, Firstextile has seen continuous growth.
CFO Richard Cao commented: "Over the past three years we have been able to raise
annual revenues by a compound annual growth rate (CAGR) of 43% to reach around
EUR 131.7 million in 2011. The net proceeds from the IPO will primarily be used
to double the production capacity, which in turn will unlock further growth
potential." In the 2011 financial year, Firstextile's earnings before interest
and taxes (EBIT) amounted to EUR 29.4 million (EBIT margin 22.3%). Revenues
increased further in the first six months of 2012 to EUR 79.5 million (+35.3%
compared with first half-year 2011), while EBIT rose to EUR 19.1 million (+49.7%
compared with the first half-year 2011). 

With a market share of 9% in 2011 of the Chinese high-end yarn-dyed fabric
market, Firstextile is the market leader in this segment. In 2011 and the first
six months of 2012 the fabric segment accounted for 77% and 59% of the company's
revenues, respectively. The high-end segment is forecasted to be the fastest
growing segment in the whole yarn-dyed fabric market. The high-end is expected
to grow with a volume CAGR of 14% between 2011 and 2014, compared to 5% and 4%
respectively for medium and low-end yarn-dyed fabric.

Firstextile also produces fabric and shirts specifically designed for uniforms
used by the Chinese government institutions and enterprises. The diversification
into the Chinese uniform market provides non-cyclical, stable revenue streams
that are less impacted by retail consumer demand. As a short-listed supplier for
19 government institutions and enterprises, Firstextile is entitled to
participate in the tender for the orders of uniform fabric and uniform suits.
The value of the Chinese uniform shirt market is expected to grow at a CAGR of
12% until 2014. In 2011 the uniform segment accounted for 14% of Firstextile's
revenue and contributed 30% of the revenue in the first half-year of 2012.

Through its third business division, the shirt segment, Firstextile sells
premium men's shirts under its own "Varpum" and "Firstextile" brands. This
business was initiated in 2009 and caters to the rising demand for high-quality
products, exclusive brands as well as to the general strong increase in demand
for luxury apparel by Chinese consumers. In 2011 and in the first half-year of
2012, 9% and 11% of Firstextile's revenues, respectively, were generated through
the sale of branded men's shirts. The Chinese apparel market for luxury and
premium products continues to report strong growth as China is expected to
become the world's largest luxury goods consumer market by 2015.

Firstextile is headed by a highly experienced management team commanding
extensive know-how in the textile and financial industries. Company founder and
CEO Fred Yang draws on more than 15 years of experience in the textile industry,
and his innovative ideas are the main drivers behind the company's success.
James Fu, COO, joined Firstextile in 2006 after working for more than 19 years
in the banking and textile sectors. The CFO of the company, Richard Cao, worked
for eight years as an auditor at Deloitte before joining Firstextile in 2011.
Maggie Wang came on board as Investor Relations Officer and General Counsel in
2011 after working for eight years in legal affairs in law firms and
multinational companies, such as Motorola and Amazon. 

This announcement has been prepared by Firstextile and is the sole
responsibility of Firstextile. This press release does not constitute a
prospectus and constitutes neither an offer to sell nor a solicitation to buy
securities of Firstextile AG. The offered securities have already been placed
with investors.

This document is not an offer of securities for sale or a solicitation of an
offer to purchase securities in the United States. The shares of Firstextile AG
(the 'Shares') have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the 'Securities Act') and may not be
offered, sold, resold, transferred, delivered or distributed, directly or
indirectly, in the United States unless registered under the Securities Act or
pursuant to an exemption from such registration and in compliance with any
applicable securities laws of any State or other jurisdiction of the United
States. There will be no public offering of the Shares in the United States and
the Shares will not be registered under the Securities Act.

This communication is only addressed to, and directed at, persons in member
states of the European Economic Area who are "qualified investors" within the
meaning of Article 2(1)(e) of the Prospectus Directive ("Qualified Investors").
For the purposes of this provision, the expression "Prospectus Directive" means
Directive 2003/71/EC and includes any relevant implementing measure in each
member state of the European Economic Area which has implemented the Prospectus
Directive. In addition, in the United Kingdom, this communication is being
distributed only to, and is directed only at, Qualified Investors (i) who have
professional experience in matters relating to investments who fall within the
definition of "investment professional" in Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
"Order"), or (ii) who are high net worth companies, unincorporated associations
and partnerships and trustees of high value trusts as described in Article 49(2)
of the Order, and (iii) other persons to whom it may otherwise lawfully be
communicated (all such persons together being referred to as "relevant
persons"). Any investment or investment activity to which this communication
relates is available only to, and will be engaged in only with, relevant
persons. This communication must not be acted on or relied on (i) in the United
Kingdom, by persons who are not relevant persons and (ii) in any member state of
the European Economic Area other than the United Kingdom, by persons who are not
Qualified Investors.

Macquarie Capital (Europe) Limited, who are authorised and regulated in the
United Kingdom by the Financial Services Authority, are acting as Sole Global
Coordinator and Sole Bookrunner for the Company and no-one else in connection
with the potential offering of securities by the Company and will not be
responsible to anyone other than the Company for providing the protections
afforded to customers of Macquarie Capital (Europe) Limited or for providing
advice in relation to the potential offering of securities by the Company.

In connection with the Offering, Macquarie Capital (Europe) Limited (the
"Stabilising Manager") (or persons acting on behalf or for the account of the
Stabilising Manager) may effect transactions with a view to supporting the
market price of the shares at a level higher than that which might otherwise
prevail. However, there is no assurance that the Stabilising Manager (or persons
acting on behalf of the Stabilising Manager) will undertake stabilisation
action. Any stabilisation action may begin on the first day of trading of the
Company's shares on the Frankfurt Stock Exchange and must be completed no later
than the 30th calendar day after such date.

Further inquiry note:
Firstextile AG
Maggie Wang 
Lyoner Straße 14, 60528 Frankfurt am Main
Telefon: +86 (0) 1390 100 9306	

cometis AG
Henryk Deter / Claudius Krause
Telefon: +49 (0) 611 205855 -13 / -28
Email: /

end of announcement                               euro adhoc 

company:     Firstextile AG
             Lyoner Str.  14
             D-60528 Frankfurt am Main
sector:      Consumer Goods
ISIN:        DE000A1PG8V8
stockmarkets: designated to listed: regulated dealing/prime standard: Frankfurt 
language:   English

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