ZCZL Industrial Technology Group Plans RMB4.35 Billion A Share Convertible Bond Issue

Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H ( (HK:0564) ) has provided an announcement.

ZCZL Industrial Technology Group Company Limited plans to issue up to RMB4.35 billion of A share convertible corporate bonds to non-specific investors on the Shanghai Stock Exchange, subject to approvals from shareholders, the exchange and the securities regulator. Existing A shareholders, including connected shareholders who currently hold about 33.20% of the company’s issued share capital, will have pre-emptive rights to subscribe, with connected shareholders potentially taking up to approximately RMB1.65 billion of the issue, making their participation a connected transaction under Hong Kong listing rules and requiring independent shareholder approval. The board has approved the possible subscription, relevant directors and connected shareholders will abstain from voting, and an independent board committee and financial adviser have been appointed to assess fairness and commercial terms, while the company expects to maintain sufficient public float after the transaction.

The most recent analyst rating on (HK:0564) stock is a Hold with a HK$23.50 price target. To see the full list of analyst forecasts on Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H stock, see the HK:0564 Stock Forecast page.

More about Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H

ZCZL Industrial Technology Group Company Limited is a PRC-incorporated joint stock company listed in Hong Kong, operating in the industrial technology and equipment sector. It issues both A shares and H shares and accesses mainland China and Hong Kong capital markets to support its business development and investment needs.

Average Trading Volume: 1,982,915

Technical Sentiment Signal: Buy

Current Market Cap: HK$45.14B

Learn more about 0564 stock on TipRanks’ Stock Analysis page.