Hainan Drinda New Energy Technology Launches Up to HK$1.8 Billion Hong Kong IPO

MT Newswires Live

28 Apr

Hainan Drinda New Energy Technology (HKG:2865, SHE:002865) launched its share offering in Hong Kong Monday, seeking to raise up to HK$1.81 billion from the deal.

The photovoltaic cell manufacturer is offering up to 63,432,300 shares expected to be priced between HK$20.40 and HK$28.60 per share, according to a Monday filing with the Hong Kong bourse.

Hainan Drinda New Energy Technology, which is already listed on the Shenzhen bourse, expects to determine the offering price on May 6 and disclose allocation results on May 7. Shares will begin trading on the stock exchange on May 8.

The photovoltaic cell manufacturer intends to use the proceeds to fund the construction of its 5-gigawatt overseas photovoltaic cell production facility, research and development, improvement of sales and distribution channels, and for working capital.

Hainan Drinda New Energy Technology attracted Zhuhai Gokin and Modern Direct Investment as cornerstone investors.

Huatai Financial Holdings (Hong Kong), CMB International Capital, Deutsche Bank Hong Kong Branch, CLSA, China International Capital Corp. Hong Kong Securities, SDICS International Securities (Hong Kong), Patrons Securities, GF Securities (Hong Kong) Brokerage, Futu Securities International (Hong Kong), Fosun International Securities, BOCI Asia, CCB International Capital, ICBC International Securities, Fortune (HK) Securities, TradeGo Markets, Eddid Securities and Futures, Star River Securities, and Yuen Meta (International) Securities, are the joint bookrunners and lead managers of the offering.

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