Zhongpin Closes Common Stock Offer

by 5m Editor
24 March 2011, at 12:18am

CHINA - Zhongpin has closed its US$70.5 million public offering of common stock.

Zhongpin Inc., a leading meat and food processing company in the People's Republic of China, has announced the closing on 22 March 2011 of its follow-on underwritten registered public offering of 5,000,000 shares of common stock at a price of $14.10 per share.

The total gross proceeds of the Offering to Zhongpin were $70,500,000. The aggregate net proceeds received by the Company totalled approximately $66,420,000 after deducting underwriting discounts and commissions and the offering expenses paid by the Company.

Zhongpin intends to use the net proceeds from the Offering for the construction of new processing and cold chain logistics facilities and for general corporate purposes.

Credit Suisse Securities (USA) LLC acted as the sole bookrunner for the Offering and Cowen and Company, LLC, Oppenheimer & Co. Inc., and Maxim Group LLC acted as co-managers.