China International Development Corporation Scraps Planned Share Placing

An update from China International Development Corporation Limited ( (HK:0264) ) is now available.

China International Development Corporation Limited has announced that its planned placing of up to 25 million new ordinary shares under a general mandate will not proceed, after conditions precedent under the placing agreement failed to be satisfied by the closing date. As a result, the placing agreement will lapse, all mutual obligations between the company and the placing agent will cease except for any prior breaches, and no reimbursement of expenses will be made to the placing agent.

The board stated that the lapse of the placing is not expected to have a material adverse impact on the company’s overall operations or financial position, suggesting that existing capital resources remain adequate in the near term. For shareholders and potential investors, the decision removes the immediate prospect of equity dilution from this specific fundraising exercise, while leaving open the question of how and when the company may seek alternative financing in the future.

The most recent analyst rating on (HK:0264) stock is a Hold with a HK$2.00 price target. To see the full list of analyst forecasts on China International Development Corporation Limited stock, see the HK:0264 Stock Forecast page.

More about China International Development Corporation Limited

China International Development Corporation Limited is a Hong Kong-listed company, though the specific industry and core business lines are not described in the announcement. The firm is governed by a board comprising executive, non-executive and independent non-executive directors, reflecting a typical corporate governance structure for companies on the Hong Kong Stock Exchange.

Average Trading Volume: 1,872,701

Technical Sentiment Signal: Hold

Current Market Cap: HK$868.6M

For detailed information about 0264 stock, go to TipRanks’ Stock Analysis page.