Yankuang Energy Wins Approval to Spin Off Kasong Science and Technology on NEEQ

An announcement from Yankuang Energy Group Company Limited Class H ( (HK:1171) ) is now available.

Yankuang Energy Group Company Limited has received approval from the Hong Kong Stock Exchange and the National Equities Exchange and Quotations for the proposed spin-off and quotation of shares of its controlled subsidiary, Kasong Science and Technology Co., Ltd., on the NEEQ. Kasong Science and Technology will remain a controlled subsidiary, with its financial results continuing to be consolidated into Yankuang Energy’s accounts.

Due to PRC legal and regulatory restrictions on foreign investors in NEEQ securities, the company obtained a waiver from the Hong Kong Stock Exchange from the requirement to offer existing shareholders an assured entitlement to Kasong’s shares. The board believes the spin-off will not adversely affect the group’s consolidated financial position, will help realize value from its investment in Kasong, and will create an independent financing platform to support Kasong’s future development, which it views as fair and in the interests of all shareholders.

The most recent analyst rating on (HK:1171) stock is a Hold with a HK$9.00 price target. To see the full list of analyst forecasts on Yankuang Energy Group Company Limited Class H stock, see the HK:1171 Stock Forecast page.

More about Yankuang Energy Group Company Limited Class H

Yankuang Energy Group Company Limited is a large Chinese energy group primarily engaged in coal production and related energy businesses, with its shares listed in Hong Kong. The company operates through multiple subsidiaries to expand its presence in the domestic capital markets and optimize financing channels for its diversified operations.

Average Trading Volume: 29,579,565

Technical Sentiment Signal: Strong Buy

Current Market Cap: HK$166.8B

For a thorough assessment of 1171 stock, go to TipRanks’ Stock Analysis page.