Drinda New Energy to Raise HK$398 Million via Share Placement; Hong Kong-Listed Shares Jump 15%

MT Newswires Live01-22

Hainan Drinda New Energy Technology (HKG:2865, SHE:002865) said it has agreed to place up to 18.7 million new Hong Kong-listed shares at HK$22.00 each under its general mandate, raising estimated net proceeds of about HK$397.7 million, according to a Wednesday bourse filing.

Hong Kong-listed shares of the firm were up over 15% in Thursday morning trade.

The shares will be placed on a best-effort basis to no fewer than six independent investors.

The placing shares represent about 29.5% of the company's existing issued Hong Kong-listed shares and about 6.4% of total issued share capital, excluding treasury shares.

The placing price represents a discount of about 1.1% to the stock's last close and an 8.2% discount to the average closing price over the previous five trading days, the filing showed.

Drinda said it plans to allocate 45% of the net proceeds to the research, development, and production of space photovoltaic battery products, another 45% to equity investment and cooperation in the commercial aerospace sector, and the remaining 10% to general working capital.

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