 |
|
 |
 |
| Investment in Traditional Manufacturing Industry |
| Tianneng is China's number one manufacturer and distributor of lead-acid batteries used in electrical bicycles. The company has acquired the country's largest market share through premium branding, leading technical design, and strong R&D capabilities.
The company also designs, manufactures and distributes electric bicycle chargers, motors and controllers, which together with the batteries are considered the four major components of electric bicycles.
In December 2004, Prax invested in Tianneng together with New World Fund. Tianneng was listed on the Hong Kong Stock Exchange in June 2007. |
| In addition to improving the corporate governance of Tianneng, Prax also helped the company tackle rising lead costs, improve its product quality, as well as upgrade its environmental compliance standards. We also assisted the company in its underwriter selection and in the preparation and performance of the road show prior to the IPO.
|
| ˇ°Prax is a really trustworthy partner. They didn't retreat in 2005 when we encountered unexpected turbulence, but instead encouraged the management and helped the company navigate through its difficulties. In addition, we are very grateful to Prax for their contribution to our cost and quality management as well as the IPO preparation. ˇ±
-Mr. Tianren Zhang, Chairman and President of Tianneng |
|
|
|
|
