They want to get as much money from the IPO as possible of course. They want to have the trade division up and running in HK so they are able to pay a smallish cash dividend. They want to have AF4 produce at least 6,000 MT. Preferably good prospects for indoor shrimp farming. 2,000 mu from Shenwan and Yangjiang. So they will get a much higher valuation for TRW. They will need the money for AF5.
TRW IPO is targeted for the 2nd half of 2020. The latest we heard about the pre-IPO is the 2nd half of this year. They have to form a BOD, corporate governance and all this takes time. Could also be dependent on the pre-IPO.
I don't know what plans they have for CA. I suppose they want to get some contracts first, for APRAS and ODRAS. Then spin it off and do the same as for TRW. I don't know if they want to sell 51%, hold on to 100% or seek a partner for 40%. I suppose they are all options being considered.
As I said before, it doesn't matter to us whether TRW will be listed in 2019, 2020, or 2021. The longer it takes, the higher the value. Because TRW is growing nicely even without funding. The important thing is to have the stock dividend in the pocket.
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