Welcome to the Piano World Piano Forums
Over 2.5 million posts about pianos, digital pianos, and all types of keyboard instruments
Join the World's Largest Community of Piano Lovers (it's free)
It's Fun to Play the Piano ... Please Pass It On!

SEARCH
Piano Forums & Piano World
What's Hot!!
Posting Pictures on the Forums
-------------------
Forums RULES & HELP
-------------------
ADVERTISE on Piano World
(125ad)
Piano Life Saver - Dampp Chaser
Dampp Chaser Piano Life Saver
(ad)
Piano Buyer Guide
Piano Buyer Fall 2017
Who's Online Now
88 registered members (AprilE, Agent88, ando, Andy W, 25 invisible), 1,423 guests, and 1 spider.
Key: Admin, Global Mod, Mod
(ad)
Estonia Pianos
Estonia Pianos
Quick Links to Useful Piano & Music Resources
Our Classified Ads
Find Piano Professionals-

*Piano Dealers - Piano Stores
*Piano Tuners
*Piano Teachers
*Piano Movers
*Piano Restorations
*Piano Manufacturers

Quick Links:
*Advertise On Piano World
*Free Piano Newsletter
*Online Piano Recitals
*Piano Recitals Index
*Piano & Music Accessories
*Live Piano Venues
*Music School Listings
* Buying a Piano
*Buying A Acoustic Piano
*Buying a Digital Piano
*Pianos for Sale
*Sell Your Piano
*How Old is My Piano?
*Directory/Site Map
*Virtual Piano
*Music Word Search
*Piano Videos
*Virtual Piano Chords & Scales
Previous Thread
Next Thread
Print Thread
#1962132 - 09/21/12 02:00 PM Pearl River IPO Raises $100 Million  
Joined: May 2001
Posts: 10,881
Steve Cohen Online content
Yikes! 10000 Post Club Member
Steve Cohen  Online Content
Yikes! 10000 Post Club Member

Joined: May 2001
Posts: 10,881
Maryland/DC/No. VA

Press Release:


Pearl River IPO Raises $100 Million

PEARL RIVER PIANO GROUP Co.., Ltd., China's largest manufacturer of acoustic pianos, has completed an IPO on the Shenzhen Stock Exchange, selling 48 million shares and raising $102,149,913. The share offering marks the successful transition for Pearl River from a state-owned enterprise to a publicly owned stock company. Shares are now traded daily under the symbol 002678. Pearl River's finances reveal a well-run, highly profitable organization that is benefiting from a surging domestic Chinese piano market. For the most recent fiscal year, Pearl River sales advanced 19.4% to $185.2 million, which followed a 16% gain the previous year. The company's gross profit has trended up over the last three years, indicating strong pricing power and factories operating at capacity. Gross profit in 2011 was $56.1 million, compared with $50.4 million in 2010, and $41 million in 2009. Profits for the calendar year ending December 31, 2011 were up 25% to $27.3 million.
Company president Shi Shao Bin and his executive team have run Pearl River with little outside financing. According to its latest reports, Pearl River has little long-term debt, and short-term liabilities stand at just $55.6 million. This conservative approach has allowed the company to build a substantial base of shareholder equity, which now stands at $145 million. Mr. Shi was recently named to the top post at the company following the retirement of Mr. Wang Run Pei.
Pearl River began more than 50 years ago, producing a mere four upright pianos a month. Since then it has become not only China's best-known domestic brand, but also a top-seller throughout the world, accounting for 30% of the Chinese market, 18% of the American market, and 15% of the European market. Production has grown to more than 100,000 pianos each year in a factory covers three million square feet including a main building that's seven stories tall and a quarter mile long. More than 2,000 skilled workers occupy a network of factories, foundries, lumberyards, and sawmills. The complex also includes a 90,000-square-foot testing and engineering lab with 200 technicians, most of whom have advanced degrees in areas such as adhesives, metallurgy, and chemistry.

End


Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.
(ad)
Piano & Music Accessories
piano accessories music gifts tuning and moving equipment
#1962138 - 09/21/12 02:08 PM Re: Pearl River IPO Raises $100 Million [Re: Steve Cohen]  
Joined: Feb 2007
Posts: 1,642
Furtwangler Offline
1000 Post Club Member
Furtwangler  Offline
1000 Post Club Member

Joined: Feb 2007
Posts: 1,642
Danville, California
18% share of the American market?

Do you think that is true?

That would mean roughly 7,000 - 8,000 units per year. Realistic?

#1962161 - 09/21/12 02:55 PM Re: Pearl River IPO Raises $100 Million [Re: Furtwangler]  
Joined: May 2001
Posts: 10,881
Steve Cohen Online content
Yikes! 10000 Post Club Member
Steve Cohen  Online Content
Yikes! 10000 Post Club Member

Joined: May 2001
Posts: 10,881
Maryland/DC/No. VA
Originally Posted by Furtwangler
18% share of the American market?

Do you think that is true?

That would mean roughly 7,000 - 8,000 units per year. Realistic?


I don't have the actual figures, but it doesn't sound reasonable to me, even including brands made by PR but with a different branding.


Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.
#1962188 - 09/21/12 03:59 PM Re: Pearl River IPO Raises $100 Million [Re: Steve Cohen]  
Joined: Feb 2007
Posts: 1,642
Furtwangler Offline
1000 Post Club Member
Furtwangler  Offline
1000 Post Club Member

Joined: Feb 2007
Posts: 1,642
Danville, California
Me either

(ad ) MusicNotes.com
sheet music search
#1962203 - 09/21/12 04:25 PM Re: Pearl River IPO Raises $100 Million [Re: Steve Cohen]  
Joined: Apr 2007
Posts: 1,013
master88er Offline
1000 Post Club Member
master88er  Offline
1000 Post Club Member

Joined: Apr 2007
Posts: 1,013
San Francisco Bay Area
Originally Posted by Steve Cohen
Originally Posted by Furtwangler
18% share of the American market?

Do you think that is true?

That would mean roughly 7,000 - 8,000 units per year. Realistic?


I don't have the actual figures, but it doesn't sound reasonable to me, even including brands made by PR but with a different branding.


Actually, I think it's more like 5,000 units, which would be possible if you consider all the brands - Hallet&Davis, Essex, Pearl River, Ritmuller, other private labels (German and not so German) and of course, the 1,500 Kayserburgs I have personally sold smirk.


Russell I. Kassman
R.KASSMAN, Purveyor of Fine Pianos
Berkeley, CA

FORMER US Rep.for C.Bechstein

SF Area Dealer: Steingraeber•Grotrian•Sauter•Estonia•Kayserburg•Baldwin•Brodmann•Ritmüller
www.rkassman.com
russell@rkassman.com
510.558.0765
#1962217 - 09/21/12 04:45 PM Re: Pearl River IPO Raises $100 Million [Re: Steve Cohen]  
Joined: Sep 2009
Posts: 3,452
PianoWorksATL Offline
3000 Post Club Member
PianoWorksATL  Offline
3000 Post Club Member

Joined: Sep 2009
Posts: 3,452
Atlanta, GA
Given the balance sheet, $100m seems like only a small percentage must have gone up for sale. What company sells for less than twice earnings? This must represent a minority of public ownership...not I think of as publicly traded.

The report is more interesting for the confusion it causes than the news presented. Hailun's IPO is expected to raise more but by offering a greater share to the public.


Sam Bennett
PianoWorks - Atlanta Piano Dealer
Bösendorfer, Estonia, Seiler, Grotrian, Hailun
Pre-Owned: Yamaha, Kawai, Steinway & other fine pianos
Full Restoration Shop
www.PianoWorks.com
www.youtube.com/PianoWorksAtlanta
#1962224 - 09/21/12 04:56 PM Re: Pearl River IPO Raises $100 Million [Re: Steve Cohen]  
Joined: Sep 2006
Posts: 1,555
Bob Newbie Offline
1000 Post Club Member
Bob Newbie  Offline
1000 Post Club Member

Joined: Sep 2006
Posts: 1,555
100,000 pianos a year...who in the heck are all these people buying the pianos????
does this mean 100,000 potential new members to PW? smile

#1962229 - 09/21/12 05:07 PM Re: Pearl River IPO Raises $100 Million [Re: Bob Newbie]  
Joined: Apr 2007
Posts: 1,013
master88er Offline
1000 Post Club Member
master88er  Offline
1000 Post Club Member

Joined: Apr 2007
Posts: 1,013
San Francisco Bay Area
Originally Posted by Bob Newbie
100,000 pianos a year...who in the heck are all these people buying the pianos????
does this mean 100,000 potential new members to PW? smile


Depends; how well do you understand Mandarin or Cantonese? help


Russell I. Kassman
R.KASSMAN, Purveyor of Fine Pianos
Berkeley, CA

FORMER US Rep.for C.Bechstein

SF Area Dealer: Steingraeber•Grotrian•Sauter•Estonia•Kayserburg•Baldwin•Brodmann•Ritmüller
www.rkassman.com
russell@rkassman.com
510.558.0765
#1962233 - 09/21/12 05:13 PM Re: Pearl River IPO Raises $100 Million [Re: master88er]  
Joined: May 2001
Posts: 10,881
Steve Cohen Online content
Yikes! 10000 Post Club Member
Steve Cohen  Online Content
Yikes! 10000 Post Club Member

Joined: May 2001
Posts: 10,881
Maryland/DC/No. VA
Originally Posted by master88er
Originally Posted by Bob Newbie
100,000 pianos a year...who in the heck are all these people buying the pianos????
does this mean 100,000 potential new members to PW? smile


Depends; how well do you understand Mandarin or Cantonese? help


And therein lies the answer!

Domestic sales in China are very brisk.


Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.
#1962362 - 09/21/12 11:50 PM Re: Pearl River IPO Raises $100 Million [Re: Steve Cohen]  
Joined: Apr 2010
Posts: 2,705
gnuboi Offline
2000 Post Club Member
gnuboi  Offline
2000 Post Club Member

Joined: Apr 2010
Posts: 2,705
USA
Good for them. I hope all those kids learn to appreciate music while they're at it.

#1962835 - 09/22/12 09:05 PM Re: Pearl River IPO Raises $100 Million [Re: PianoWorksATL]  
Joined: Dec 2006
Posts: 247
gmf001 Offline
Full Member
gmf001  Offline
Full Member

Joined: Dec 2006
Posts: 247
Uxbridge, ON, Canada
Originally Posted by PianoWorksATL
Given the balance sheet, $100m seems like only a small percentage must have gone up for sale. What company sells for less than twice earnings? This must represent a minority of public ownership...not I think of as publicly traded.


In fact this is quite typical for a new IPO. It's actually rare that they would sell anything close to a majority of the total share count during an IPO. Typically insiders are only allowed to sell a small fraction of their shares (especially senior execs and early employees). If you look at the number of shares that Facebook sold in their IPO - you will find it was around 17% or and I don't know any financial analyst that wouldn't consider FB a publicly traded company. There are plenty of other examples of publicly traded companies where the principals maintained majority ownership for many years.


Moderated by  Ken Knapp, Piano World 

Piano Acc. & Gift Items in
Piano World's Online Store
In PianoSupplies.com ,(a division of Piano World)
our online store for piano and music gifts and accessories, Digital Piano Dolly, party goods, tuning equipment, piano moving equipment, benches, lamps Caster Cups and more.


Free Shipping* on Jansen Artist Piano Benches, Cocoweb Piano Lamps, Hidrau Hydraulic Piano Benches
(*free shipping within contiguous U.S. only)
(ad)
Pearl River & Ritmuller
Ritmuller Pianos
(ad)
Pianoteq
PianoTeq 6 Out now
ad
Pierce Piano Atlas


New Topics - Multiple Forums
Question about Accidentals and Dynamics
by Batuhan. 11/24/17 05:55 PM
2017 Piano Library Discussion
by Jay017. 11/24/17 05:44 PM
Kawai CA67 owners - is the stereo correct?
by Ben Crosland. 11/24/17 02:51 PM
Tonal and Rhytmic Principles by John Mehegan
by James in NoVa. 11/24/17 01:12 PM
HiFiMAN HE-400i headphones - Incredible deal
by Max_Forte. 11/24/17 12:29 PM
Forum Statistics
Forums44
Topics182,927
Posts2,674,081
Members89,180
Most Online15,252
Mar 21st, 2010
(ad)
Accu-Tuner
Sanderson Accu-Tuner
Check It Out!
There's a lot more to Piano World than just the forums.
Click Here to
Explore The Rest of Piano World!!
Visit our online store for gifts for music lovers


 
Help keep the forums up and running with a donation, any amount is appreciated!
Or by becoming a Subscribing member! Thank-you.
Donate   Subscribe
 
Our Piano Related Classified Ads
| Dealers | Tuners | Lessons | Movers | Restorations | Pianos For Sale | Sell Your Piano |

Advertise on Piano World
| Subscribe | Piano World | PianoSupplies.com | Advertise on Piano World |
| |Contact | Privacy | Legal | About Us | Site Map | Free Newsletter |


copyright 1997 - 2017 Piano World ® all rights reserved
No part of this site may be reproduced without prior written permission
Powered by UBB.threads™ PHP Forum Software 7.6.0