Infinity Development Holdings Company Limited Achieves Successful Dual Primary Listing and Fully Subscribed Placement on SGX-ST

Key Highlights for Investors

• Dual Primary Listing: Infinity Development Holdings Company Limited (“Infinity Development Holdings” or the “Company”) has completed its dual primary listing on the Catalist Board of the Singapore Exchange Securities Trading Limited (SGX-ST), in addition to its existing listing on the Main Board of The Stock Exchange of Hong Kong Limited (HKSE).
• Placement Details: The Company placed 35,100,000 new shares (“Placement Shares”) at S\$0.39 per share, raising total gross proceeds of S\$13.7 million. The Placement was fully subscribed.
• Strong Institutional Support: Subscriptions came from notable institutional investors including ICH Ascend Open Master Fund VCC, Rockstead Assets Management VCC, Ginko-AGT Global Growth Fund, and Asdew Acquisitions Pte Ltd.
• Market Capitalisation: Post-Placement, the Company’s share capital stands at 316,775,538 shares, translating to a market capitalisation of S\$123.5 million.
• Trading Information: Shares (including Placement Shares) will begin trading on a “ready” basis at 9:00 a.m. on 3 December 2025 under the ticker symbol “ZBA” in Singapore. The Company remains listed in Hong Kong under stock code 640.
• Business Overview: The Group is a leading manufacturer and seller of adhesives, primers, hardeners, and related products for the footwear industry, ranking among the top four manufacturers in Asia. Its main brands are “Zhong Bu” and “Centresin”, with operations focused in Vietnam, Indonesia, Bangladesh, and the PRC.
• Growth Strategy: Infinity Development Holdings is committed to cementing its position as a leading footwear adhesives supplier in Asia, leveraging its proven management team, cost discipline, and robust operational capabilities. The Group plans to expand its geographical footprint through both organic and inorganic growth, targeting markets where its expertise and relationships can deliver long-term returns.
• Operational Scale: The Group oversees more than 400 employees across ten locations, managing manufacturing, R&D, sales, marketing, and technical services.

Important Information for Shareholders

• Dual Listing Status: The Company’s dual primary listing increases its exposure to international investors and could enhance trading liquidity, potentially affecting share price positively due to increased demand and visibility.
• Successful Placement: The fully subscribed placement at S\$0.39 per share and strong institutional backing may indicate robust investor confidence, which can be price sensitive and suggest further share price upside.
• Growth Prospects: The declared strategy to expand within Asia, both organically and through acquisitions, may be a catalyst for future revenue and earnings growth – key factors for share price appreciation.
• Industry Ranking: Being a top-four player in a specialised and growing industry sector (footwear adhesives) with established brands and major customers in Asia positions the Company well for stable growth.
• Management Statement: The Chairman and CEO, Mr. Ieong Un, highlighted steady business growth and expressed gratitude towards stakeholders, signaling management confidence in future prospects.

Potential Share Price Movers

• The dual listing could lead to increased investor interest, higher trading volumes, and potentially improved share price performance due to broader market access.
• Strong institutional participation in the placement suggests underlying confidence in the Company’s fundamentals and growth strategy, which may positively influence market sentiment.
• The announced focus on expansion and leveraging operational strengths may prompt investors to reassess growth potential, possibly impacting share valuations.

Further Details

Sponsor: Xandar Capital Pte. Ltd.
Placement Agent: KGI Securities (Singapore) Pte. Ltd.
Contact for Sponsor: Mr. Loo Chin Keong, Registered Professional, 3 Shenton Way, #24-02 Shenton House, Singapore 068805, Tel: (65) 6319 4955.

Disclaimer

This article is for informational purposes only and does not constitute an offer, solicitation, or recommendation to acquire, purchase, or subscribe for any securities in any jurisdiction. Investors should refer to the official Final Offer Document and consult with appropriate professional advisors before making any investment decisions. The information contained herein does not guarantee future performance and is not reviewed by the Monetary Authority of Singapore (MAS) or the Singapore Exchange Securities Trading Limited (SGX-ST).

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