Case Studies

HB Global Limited

HB Global Limited was listed on Bursa Malaysia in year 2010 and an export driven one-stop gourmet convenient food specialist that specializes in ready-to-serve duck meat products. HB has a combined cold storage capacity of 10,000 tonnes and quick freeze lines capacity of approximately 38,880 tonnes per annum. They produce more than 1,000 types of products, all of which are approved for export to countries such as Japan, USA and Korea. HB's production facilities are located at Ju County, Rizhao City, Shandong Province, China.

HB's main income is derived from the original equipment manufacturer (OEM) segment. The Group supplies its products under its customers' brand names. Some of its customers include Nomura Trading Co. Ltd and Sansei Boeki Co. Ltd.

In addition to the OEM segment, the Group has also marketed its products using its own brand name of "Geleifu", "Hengbao Food" and "The Four Seasons Farm".

HB Global Ltd was incorporated in Singapore under the Singapore Companies Act on 12 June 2006 as a private limited company and was registered in Malaysia as a foreign company on 16 October 2009. The Group was subsequently converted into a public limited company on 27 October 2010.

In Malaysia, the Group has allocated a position of its IPO proceeds to construct a Halal food processing facility. The Group has identified and is currently evaluating Port Klang Free Zone or Iskandar Malaysia as a potential location hub for this facility.

UHY SERVICES

UHY was appointed by HB Global Limited as Reporting Accountants for its Initial Public Offering (IPO) on the Bursa Malaysia Main Market. HB was listed on Bursa Malaysia in December 2010. HB's IPO involves an issuance of 55.4 million new shares at 80 sen each. Of the total, 24.5 million shares were for application by the Malaysian public and 30.9 million were placed out to selected investors. Concurrent with the IPO, another 19.1 million shares were on offer for sale.

Acting as Reporting Accountants, our team provided:

  • Review financial statements of Hengbao in China to ensure compliance to accounting standards.
  • Coordinate and liaise with all working parties in Singapore, China and Malaysia including Securities Commission, Bursa Malaysia, external auditors of HB, etc.

Why UHY

UHY KL was selected by HB Global Limited as the professional engagement team as it has similar international assignment experience. Currently (up to April 2011), there are only seven China-based companies listed on Bursa. HB is the 6th China-based company listed on Bursa Securities Berhad. UHY in Malaysia is one of the few non-Big 4 Audit firms that have acted as Reporting Accountant for China-based company listings in Malaysia.

UHY in Malaysia has the international skill sets, resource and understanding of international Accounting Standards that possess the capabilities in assisting local and foreign companies at cost effective funds raising exercise.