JiuYuan Genetic Sets Plan to List 136 Million Unlisted Shares in Hong Kong; Shares Rise 5%

MT Newswires Live12-03

Hangzhou JiuYuan Genetic Biopharmaceutical (HKG:2566) said its board approved a proposal to convert 136.3 million domestic unlisted shares into H shares, according to a Tuesday Hong Kong bourse filing.

Shares of the biotechnology firm were up over 5% in Wednesday morning trade.

The shares earmarked for conversion, held by 12 shareholders, represent about 55.5% of the company's total issued capital.

The company said the share conversion and subsequent listing on the Hong Kong Stock Exchange remain subject to approval by shareholders at an extraordinary general meeting, regulatory filing with the China Securities Regulatory Commission, and other required clearances.

Hangzhou JiuYuan has not yet submitted its CSRC application, and the implementation plan is still being finalized, according to the filing.

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