Futu News, July 15, this Friday. $CHINA GRAPHITE (02237.HK)$The company issued 400 million shares at a price of HK $0.325 each at 10000 shares, which is expected to be listed on July 18.
China Graphite was 26.51 times subscribed at the public offering stage, and the final number of offer shares allocated to the public offering was 120 million shares, accounting for about 30 per cent of the total number of offer shares (before any over-allotment option was exercised). A total of 11851 valid applications were received, with a success rate of 30.01%.
In addition, the international offering has been oversubscribed and the final number of offer shares is about 280 million shares, equivalent to about 70 per cent of the total number of shares offered (before any over-allotment option is exercised). Futu Information collates the relevant data as follows:
In terms of fund-raising purposes, the company will collect about HK $84 million net from the global sale for the following purposes: of this amount, about 32.4% will be used for land acquisition costs; about 31.6% of this will be used for construction costs; of this amount, about 36.0% will be used for the purchase and installation of machinery and equipment.
The company is engaged in the production and sales of flake graphite concentrate and spherical graphite in China. The origin of the company can be traced back to 2006, when the company launched the mineral processing and sales operation of flake graphite concentrate (mainly with a carbon content of 94% to 96.8%) in the name of Yixiang graphite. The company expanded its business in 2012 under the name of Yixiang New Energy.