Sieyuan Electric and Capchem recently announced plans to seek listings on the Main Board of the Stock Exchange of Hong Kong (HKEX), with both companies currently in the preliminary stages of advancing their H-share offerings.
Sieyuan Electric: Proposal to Issue H-Shares for Listing
On December 15, Sieyuan Electric released an announcement regarding its plan for the initial public offering of Overseas Listed Foreign Shares (H-shares) and listing on the Main Board of the Hong Kong Stock Exchange.
The specific plan for this issuance and listing is as follows:
- Place of Listing: Main Board of the Stock Exchange of Hong Kong.
- Type and Par Value of Shares: The shares to be issued are Overseas Listed Foreign Shares (H-shares) to be listed on the Main Board of the HKEX, all of which are ordinary shares. The par value is denominated in RMB at RMB 1.00 per share, to be subscribed for in foreign currency.
- Timing of Issuance: The company will select an appropriate timing and issuance window to complete the offering and listing within the validity period of the shareholders' meeting resolutions.
- Method of Issuance: The issuance and listing will be conducted through a Hong Kong Public Offering and an International Placement.
- Size of Issuance: Provided that the requirements of the HKEX and other regulatory provisions regarding minimum issuance ratios, minimum public float, and minimum circulation ratios are met, and in consideration of the capital needs for the company's future business development, the number of H-shares to be issued shall not exceed approximately 15% (inclusive) of the company's total share capital after the issuance (before the exercise of the over-allotment option). Additionally, the bookrunners will be granted an over-allotment option, exercisable within one month after the listing, for no more than 15% of the aforementioned number of H-shares issued.
- Use of Proceeds: The proceeds from this issuance and listing will be used for general corporate purposes, including research and development, supply chain construction, management and digitalization upgrades, overseas expansion, and working capital requirements.
- Follow-up Procedures: This proposal is subject to deliberation by the company's shareholders' meeting and requires filing with the China Securities Regulatory Commission (CSRC) as well as approval from the Securities and Futures Commission (SFC) of Hong Kong and the Hong Kong Stock Exchange.
Capchem: Plans for Hong Kong Listing
On December 11, Capchem released an announcement stating its intent to issue Overseas Listed Foreign Shares (H-shares) and apply for listing on the Main Board of the Hong Kong Stock Exchange.
The purpose of this listing is to further advance the company’s global development strategy, achieve localized supply of global resources, enhance its international brand image and comprehensive competitiveness in the global market, create an international capital operation platform, optimize its capital structure and shareholder composition, and improve corporate governance and core competitiveness.
As of now, the company is in discussions with relevant intermediaries regarding the work for this issuance and listing. Aside from the relevant proposals approved by the Board of Directors, other specific details regarding the issuance and listing have not yet been finalized. Whether this issuance and listing can pass the deliberation, filing, and audit procedures and be ultimately implemented remains subject to significant uncertainty.
Source：EnergyTrend
