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

According to news on October 6, power battery manufacturer Sina Airlines officially listed the main board of the Hong Kong Stock Exchange today, stock code 3931, with an issue price of HK $38 per share. The opening share price was the same today, and then it was broken. The share price of Innovation Airlines rose back to HK $38 at the close, the same as the opening price, with a total market capitalization of HK $67.3 billion.

The results of the offering announced yesterday showed that it received a total of 3245 valid applications, the public offering phase was eventually subscribed 0.21 times, and the final number of shares allocated to the public offering was 2.8192 million shares. it accounts for about 1 per cent of the total number of shares on offer (before any over-allotment is exercised).

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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