Shulou(Shulou.com)11/24 Report--

CTOnews.com October 6 news, today, the power battery company Xinghuang officially landed on the Hong Kong Stock Exchange. Sinovel's first day of listing opened flat at 38 Hong Kong dollars per share, with a total market capitalization of 67.347 billion Hong Kong dollars (about 60.882 billion yuan).

▲ source: as of press time of CTOnews.com, the Hong Kong shares of Sinovel rose 0.26% to HK $38.1, with a total market capitalization of HK $67.525 billion.

Sinovel had previously said it would receive net proceeds from the global offering at HK $38.00 per share, estimated to be about HK $9.8639 billion (about 8.917 billion yuan). The company intends to use the net proceeds for the following purposes:

About 7.8911 billion Hong Kong dollars (about 7.118 billion yuan) will be used to cover part of the company's expenditure on the construction of 95GWh power battery and energy storage system production lines in Chengdu Phase I Project, Wuhan Phase II Project, Hefei Phase I Project, Guangdong Jiangmen Phase I Project and Meishan Project in Sichuan Province.

About 986.4 million Hong Kong dollars (about 890 million yuan) will be used for advanced technology research and development to maintain the company's leading position in battery and its production process.

About 986.4 million Hong Kong dollars (about 890 million yuan) will be used for working capital and general corporate purposes.

In addition, according to the domestic power battery enterprise loading data released by the China Automotive Power Battery Industry Innovation Alliance in August 2022, China New Airlines ranked third with a share of 5.62%, second only to Ningde era (46.79%) and BYD (21.91%).

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