China Xiniya Fashion Limited Announces Pricing of Initial Public Offering on New York Stock Exchange

JINJIANG, China, Nov. 22, 2010 /PRNewswire-FirstCall/ -- China Xiniya Fashion Limited (NYSE: XNY) (“Xiniya” or the “Company”), a leading provider of men’s business casual apparel in China, today announced that it has priced its initial public offering of 8,000,000 American Depositary Shares (“ADSs”), each representing four ordinary shares of the company, at US$11.00 per ADS. The ADSs will begin trading on the New York Stock Exchange on November 23, 2010 under the symbol “XNY.”

The underwriters have been granted a 30-day option to purchase up to 1,200,000 additional ADSs to cover over-allotments.

Cowen and Company, LLC acted as the sole bookrunner and Samsung Securities (Asia) Limited, Lazard Capital Markets LLC and Janney Montgomery Scott LLC acted as co-managers for the offering.

Xiniya’s registration statement relating to the initial public offering has been declared effective by the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction.

The offering of the securities is being made only by means of a written prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting Cowen and Company, 1221 Avenue of the Americas, New York, NY, and tel: (646) 562-1000.

About China Xiniya Fashion Limited

Xiniya is a leading provider of men’s business casual apparel in China. The Company designs and manufactures men’s business casual and business formal apparel and accessories, which are marketed under the Xiniya brand, and sells through its distribution network that includes 26 distributors and 24 department store chains. Its products are sold to consumers at over 1,300 authorized retail outlets owned and managed by third parties located in 21 provinces, five autonomous regions and four municipalities in China. The authorized retail network, which is owned and managed by third parties, focuses on second- and lower-tier cities, where increasing affluence has led to an improvement in living standards and where most international men’s apparel brands do not have a significant presence. The Company’s target consumers are male working professionals in China between the ages of 25 and 45 who seek fashionable clothing to suit their working and lifestyle needs.  

SOURCE China Xiniya Fashion Limited

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