Ningde Times Files for Hong Kong IPO with 40-50 Billion Euro Offer Price

Hong Kong, May 12 (Xinhua News Agency) -- Ningde Times Co., Ltd. announced on Monday that it has submitted an application to the Hong Kong Stock Exchange (HKEX) to float a global equity offering, starting from May 20.

The IPO is expected to raise approximately 40-50 billion USD, which will make it one of the largest listed companies in the Hong Kong stock market this year. The offer price will be set at HKD263 per share, with a planned listing on the Main Board of the Hong Kong Stock Exchange.

Based on the application, Ningde Times expects to raise around 118 million shares under this global equity offering. In addition, 40% of the total number of subscribed share allocation rights and 30% of the subscribed shares are scheduled to be distributed according to a special arrangement in relation to the new issue price.

According to the announcement, 203.71 billion HKD has been received by investors as part of this IPO event. The major shareholders who participated to the most successful underwriting program include Saudi Aramco, KIA Partners Co., Ltd., Greencentury Capital, Yintai Assets Management Co.etc.

This global equity offering will allocate 90% to fund development of a Hungarian energy field, with plans to expand production and reach a new strategic level in renewable energy fields.

In just three months, from submission to listing, Ningde Times reached the A-share stock's price of HK23 before reaching Hong Kong`s IPO offer price, generating extensive recognition globally.