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Leading Provider of Fuel Cell Systems
Ranked First in the PRC Fuel Cell System Market |
HONG KONG, Jan 12, 2023 - (ACN Newswire) - The leading provider of fuel cell systems in China - Beijing SinoHytec Co., Ltd. ("SinoHytec" or the "Company", Stock Code: 2402), has successfully listed and commenced dealings on the Main Board of the Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange" or "HKEX") today, under the stock code of 2402 and the Offer Price is HK$60 per Share in board lots of 50 shares each.
SinoHytec is listed on the main board of HKEX, with 17,628,000 shares being offered globally, Among them, the International Offering was moderately over-subscribed, representing approximately 1.84 times the total number of 15,865,200 Offer Shares initially available under the International Offering.The Hong Kong Public Offering was slightly over-subscribed, representing approximately 0.29 times the total number of 1,762,800 Offer Shares initially available for subscription under the Hong Kong Public Offering.
The net proceeds from the Global Offering to be received by the Company is estimated to be approximately HK$982.8million, after deduction of the underwriting commissions, fees and other estimated expenses payable in connection with the Global Offering, of which approximately 75% of the net proceeds received from the Global Offering will be used to fund the Company's research and development in the next three years; and about 15% will be used to enhance the Company's brand recognition through product promotion and multi-channel marketing in the next three years; the remaining approximately 10.0% will be used for working capital and other general corporate purposes.
SinoHytec adheres to the R&D principles of "Advance Research", "Continuous Development" and "In-depth Promotion". Following a vertically integrated R&D path, it has evolved from integrating the fuel cell system into the fuel cell powertrain assembly, to developing and manufacturing the fuel cell system and the stack, and most recently the bipolar plate (the core component of the stack). In addition, the Company plans to develop and manufacture membrane electrodes, another major fuel cell stack component, through its main associate company, Shanghai Maximfuelcell Technology Co., Ltd.
In addition to independent research and development, the Company jointly undertakes research and development projects and jointly develops fuel cell vehicles with research institutions, government departments and well-known automobile manufacturers. The Company's industry competitive advantages derive from its continuous leading position in the fast-growing Chinese fuel cell system market, strong R&D strength, established stable cooperative relations with domestic mainstream commercial vehicle companies, integrated parts supply system and established in-depth cooperation relations with suppliers, as well as the support of experienced senior management team and high-quality staff team, which will help the Company stand out from its many opponents.
Mr. Zhang Guoqiang, Chairman, Executive Director and General Manager of SinoHytec said: "Today, SinoHytec is officially listed on the Main Board of the Hong Kong Stock Exchange, which is an important milestone in the Company's development and marks the entry of SinoHytec into the international capital market. We would like to express our gratitude to our investors for their trust and support of SinoHytec. Setting off from a new starting point, we will further promote the research and development of fuel cell systems and core components;
Expand the production capacity of fuel cell stacks to meet the growing market demand and achieve economies of scale; economies of scale; strategically expand customer base and regional coverage; expand and strengthen the supply chain; and enhance brand awareness and promote the application of fuel cell systems. We will grasp the future trends and directions of the industry, and leverage our own competitive advantages to further consolidate SinoHytec's market position to create the greatest value for shareholders and investors."
Topic: Press release summary
Source: Beijing SinoHytec Co., Ltd.
Sectors: Alternative Energy
https://www.acnnewswire.com
From the Asia Corporate News Network
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