LONDON, UK: Zhejiang Yongtai Technology Co., Ltd., a leading fluorine-containing fine chemicals manufacturer in China, has announced its intention to proceed with an offering of global depositary receipts (GDRs) on the London Stock Exchange (LSE) through the Shenzhen-London Stock Connect programme.
The offering is expected to raise up to approximately USD 100 million.
The GDRs will represent 5 A shares of the Company each, and are expected to price no lower than USD 9.41 per GDR. The final offer price will be determined based on a book-building process, which is expected to commence immediately and end today.
The GDRs are expected to be admitted to listing on the standard segment of the Official List maintained by the FCA and to trading on the Stock Connect segment of the main market for listed securities of the LSE on or around 11 July 2023.
Yongtai is a leading manufacturer of fluorine-containing fine chemicals, and one of the few enterprises in the industry that operates in both inorganic fluorochemical and organic fluorochemical areas. The company has a diversified business structure covering performance materials, pharmaceutical products and crop science products, and has built up vertically integrated industry chains with a rich product portfolio.
The company aims to achieve further expansion of its overseas businesses by accelerating the development of its existing multinational platform. The GDR issuance will promote its global industry chains layout in core business areas and enhance its capabilities of product research and development, manufacturing and sales. The issuance will also further enhance its development in the new energy materials and pharmaceutical product business, and consolidate its leading position in the industry.
Yongtai is the first Shenzhen Stock Exchange listed company to issue and list GDRs on the LSE through the Shenzhen-London Stock Connect programme, which is a key measure to open up China’s capital markets. The company’s chairwoman, Yingmei Wang, said that Yongtai’s GDR issuance will not only be a landmark in the development of the company, but also further enrich the Shenzhen-London Stock Connect programme portfolio and provide better investment opportunities for global investors.