Global Offering to Raise $386m for Chinese Infrastructure Projects & R&D : Details of China Everbright Greentech Limited’s Proposed HKEX Listing Announced

Hong Kong based environmental services firm, China Everbright Greentech Limited has released the details of its proposed listing on the Main Board of the Stock Exchange of Hong Kong Limited (HKEX).

The company said that its Global Offering comprises of an aggregate of 560,000,000 Offer Shares, of which 90% or 504,000,000 Shares will be offered via International Placing (including 56,000,000 Shares offered pursuant to the Preferential Offering at the offer price to the Qualifying CEIL Shareholders) and the remaining 56,000,000 Shares will be offered under the Hong Kong Public Offering.

In addition, the company said that it intends to grant to the International Underwriters, according to the International Underwriting Agreement, an over-allotment option to allot and issue up to 84,000,000 additional Shares, representing approximately 15% of the initial number of Offer Shares available under the Global Offering.

The indicative offer price will range at between HK$5.18 and HK$5.90 (67-76 US cents) per share. With the mid-point of the indicative offer price range being HK$5.54 per Offer Share, the Group's net proceeds from the Global Offering would amount to approximately HK$3.005 billion ($386 million), after deduction of underwriting fees and commissions and other estimated expenses payable by the Company in connection with the Global Offering.

The Hong Kong Public Offering will close at 12:00 noon on Thursday, 27 April 2017. The offer price is expected to be determined on Thursday, 27 April 2017 and the allotment results will be announced on Friday, 5 May 2017.

Dealings in the Shares on the HKEX are expected to commence on Monday, May 8, 2017 under the stock code 1257. Shares will be traded in board lots of 1000 shares each.

Proposed Use of Net Proceeds

The company explained that it will use 80% of the net proceeds from the Global Offering to develop its business in the People’s Republic of Cina through capital contribution to its pipeline projects for the development and construction of the facilities.

Approximately 10% will be used for research and development and acquisitions of advanced technologies. Another 10%, will be used for working capital and other general corporate purposes.

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