30th Jun 2020 11:52
(Alliance News) - China New Energy Ltd on Tuesday said it has published a prospectus for its proposed listing of securities on the Hong Kong stock market's Main Board.
The company has its headquarters in Guangzhou, China and plans to list securities on the Stock Exchange of Hong Kong Ltd's Main Board, though approval from the exchange is required.
The global share offering will take place via a Hong Kong public offering and international placing prices at between HKD0.98 and HKD1.28, which would be between around 10.3 pence and 13.4p.
Shares in the ethanol production system service provider were up 17% at 8.30 pence in London late on Tuesday morning. The stock has more than doubled in 2020, starting the year at 2.75p.
Such a price would correspond to an expected market capitalisation of between HKD540 million and HKD705 million, or GBP56.7 million to GBP74.0 million. On Tuesday morning, China New Energy had a market cap in London of GBP36.9 million.
The pricing of the global offering will likely be set Tuesday next week or thereabouts.
By Anna Farley; [email protected]
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