Abchurch handles China Shoto float

Industrial battery and power supply systems maker China Shoto has hired Abchurch Communications for next month’s £35m flotation on London’s AIM.

Abchurch director Henry Harrison-Topham is leading the financial comms push for the Chinese group, which announced its intention to list this Monday.

The company, which supplies acid batteries to companies such as China Telecom and China Mobile, wants to raise about £10m from the listing and is pushing its potential to expand into Russia, North
America, Europe, Australia and other parts of Asia.

It also plans to increase its stake in Beijing-based wind-turbine designer FTD.

More than 90 per cent of China Shoto's revenues, which totalled
£18.7m in the year to December 2004, come from domestic sources.
Another growth area is China's electric bicycle market. The company said annual production of electrical bicycles in China increased from 54,000 in 1998 to six million in 2005, fuelling demand for powered bicycles using lead acid batteries.

China Shoto has estimated that this market will be worth £1bn within the next decade.

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