Vision Opportunity China Fund has invested USD8.0m in China Security & Surveillance Technology as part of a USD60.0m underwritten secondary public offering.
Oppenheimer and Brean Murray Carret were joint managers for the offering.
China Security & Surveillance, together with its subsidiaries headquartered in Shenzhen, is a one-stop solutions provider and consolidator in China’s fast growing security and surveillance industry. It designs, manufactures, and installs security and surveillance systems, and provides after-sales support and maintenance services for its customers.
With 14 acquisitions over the past three years, China Security & Surveillance has capitalised on the growth opportunities arising from China’s highly fragmented security and surveillance industry. Going forward, the company has stated that it intends to continue to identify and pursue strategic opportunities.
For the financial year ended 31 December 2009, China Security & Surveillance generated total revenue of USD580.9m and net income of USD56.6mwhich represents an increase of 36 per cent and 74 per cent, respectively, over the financial year ended 31 December 2008.
In return for its investment, Vision Opportunity China Fund received two million registered shares of China Security & Surveillance’s common stock at a price of USD4.00 per share.
