
U211-A Power Regulator
Features:
Power in : AC 100V?00V; Power out : AC 200V , 2kW
Voltage protection device under unstable voltage
Easily installed into fuel dispenser
100% Factory Tested.
Packing:
Weight: Dimension:
10.3kg/case of 1 150×200×340mm/case of 1
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ccording to Thomson Financial, a research firm, indepe fuel dispenser ndent boutiques advised on
55% of the 20 biggest mergers announced last year. In 2000 they accounted for less than a third, all
done by just two companies.
For some, it has proved to be a goldmine. In mid-August Evercore, a New York boutique, raised $83m in
a successful stockmarket listing. The next day Keefe, Bruyette & Woods, a small, financial-services
investment bank, filed to raise $100m in an offering. It hopes investors will give it a lofty Evercore-like
valuation.
The most profitable boutiques are those focusing on M&A advisory work. They owe their success as much
to what they choose not to do—lending, trading, providing research, underwriting—as to the things they
do well.
Unlike “full service�boutiques, advisory firms need very little capital to run their businesses. That means
higher margins than rivals with expensive overheads. Greenhill, a New York-based firm that went public
in 2004, has more than doubled revenues and profits this year. Its share price has soared 221% since it
listed. The model also means boutiques can compete with the deep pockets on Wall Str fuel dispenser eet. “Advisory is
not a scale business,�says Scott Bok, co-president of Greenhill.
But do such boutiques have staying power? Most are small, private partnerships that generate business
by mining the plentiful contacts of a handful of seasoned professionals. In good years they close a few
big deals and rake in the money. They then survive bad years by advising companies in trouble on how
to restructure. But the partnerships also need to grow to retain young, ambitious bankers. Mr Rohatyn
noted this when explaining his decision to get out of boutiques. At his age, he did not have the will to
expand. That meant he could not count on his staff to stay with him.
The advisory boutiques that have opted for growth (and riches) by going public face different dangers.
They must negotiate a cyclical M&A market and potentially impatient investors. They are al fuel dispenser