Shanghai REFIRE to Raise Up to HK$265 Million via Discounted H-Share Placing

An announcement from Shanghai REFIRE Group Ltd. Class H ( (HK:2570) ) is now available.

Shanghai REFIRE Group Limited has launched a placing of 4,536,000 new H shares under its existing general mandate, representing about 7.88% of its current issued H-share capital (excluding treasury shares) and 5.12% of its total issued share capital. The shares will be placed to at least six independent professional or institutional investors at HK$58.38 per share, a discount to the recent market price, on a best-effort basis by the sole placing agent, raising expected gross proceeds of around HK$264.81 million and net proceeds of about HK$258.39 million for purposes outlined by the board, subject to Hong Kong listing approval and satisfaction of placing conditions; no single placee is expected to become a substantial shareholder, and the transaction does not require additional shareholder approval as it falls within the previously granted general mandate.

The most recent analyst rating on (HK:2570) stock is a Hold with a HK$67.00 price target. To see the full list of analyst forecasts on Shanghai REFIRE Group Ltd. Class H stock, see the HK:2570 Stock Forecast page.

More about Shanghai REFIRE Group Ltd. Class H

Shanghai REFIRE Group Limited is a joint stock company incorporated in the People’s Republic of China and listed in Hong Kong, with its H shares traded on the Stock Exchange of Hong Kong. The company issues both H shares and domestic shares and uses general share issuance mandates approved by shareholders to raise capital in the equity markets.

Average Trading Volume: 1,015,852

Technical Sentiment Signal: Strong Sell

Current Market Cap: HK$7.34B

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