CNGR Advanced Material HKG:2579, SHE:300919) plans to reallocate HK$1.2 billion of its Hong Kong IPO proceeds from a planned South Korea project to phosphate-related projects in China, according to a bourse filing.
The company will redirect HK$438.3 million to its Kaiyang phosphate mine project in Guizhou and HK$763.1 million to three phases of a phosphorus-based integrated industrial project.
CNGR said it decided not to proceed with the South Korea project for now amid changes in the global power battery market and increased uncertainty over demand and returns.
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