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February 07, 2007

China Architectural Engineering Files IPO

posted by MR WAVETHEORY at 2/07/2007 01:28:00 PM
China Architectural Engineering is going public on the American Stock Exchange. They're a blank check company.

China Architectural Engineering Files IPO
02-05-2007 10:09:20 AM

China Architectural Engineering filed a registration statement with the SEC for an initial public offering.

The Company intends to apply for the listing of our common stock on the American Stock Exchange. The Company expects that the public offering price of our common stock will be between $3.00 and $4.00 per share and will issue 300,000 shares.

Revenues were $49 million in 2005 which is just enough to do a deal vs $28 million in 2004, and $22 million in 2003. In the first 9 months of 2006, revenues were $40 million up from $25 million in 2005, net income was $6 million vs $1 million.

The numbers are nice. There is quite a large amount of revenue concentration as they admit in the S-1.
Revenues from Chinese government contracts represented approximately 70 to 80% of our revenues for each of the nine months ended September 30, 2006 and the year ended December 31, 2005. Our inability to win or renew Chinese government contracts could harm our operations and significantly reduce or eliminate our profits.

I would agree.

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