JL Mag Rare-Earth Plans $649M Hong Kong Share Offering

Dow Jones2021-12-31

JL Mag Rare-Earth Co. Ltd. plans to raise 5.06 billion Hong Kong dollars (US$648.8 million) through a share offering in Hong Kong. The new-energy resource supplier will sell 125.5 million H-shares and will be marketing the shares in a price range of HK$33.80-HK$40.30 a share.

JL Mag Rare-Earth will use the proceeds to construct production facilities in Ningbo city in China's Zhejiang province, expecting to commence operations there by 2023, as well as for research and development purposes.

It added that some of the proceeds will be used for potential acquisitions to expand both its upstream and downstream operations.

The Ganzhou, China-based company engages in the production and sales of rare-earth permanent magnetic materials, with applications in automobiles, home appliances, wind power and consumer electronics.

The company, which is also listed in Shenzhen, expects to finalize the offer price on Jan. 7, and expects shares to begin trading on the Hong Kong Exchange from Jan. 14.

BNP Paribas S.A. and Citic Securities Co. Ltd. are among banks advising JL Mag Rare-Earth on the offering.

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Comments

  • robot1234
    2022-01-01
    robot1234
    China has just announced the merger of three state-owned rare earth miners into a company that will control nearly 70% of the country's output of key metals.Beijing is tightening its grip on the country's supply chain for rare earths, which are essential for a wide range of high-tech products, in preparation for prolonged tensions with the U.S. 
  • Cynphony
    2021-12-31
    Cynphony
    F
  • bouncy doge
    2021-12-31
    bouncy doge
    Wow! 
  • KelvinChan
    2021-12-31
    KelvinChan
    Please like
  • MuppyKoh
    2021-12-31
    MuppyKoh
    Please like
  • SirBahamut
    2021-12-31
    SirBahamut
    China controlled company haha
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