Jiangsu Eastern Shenghong has placed 39,4 million Global Depository Receipts (GDRs) on the SIX Swiss Exchange, further details of which can be found in a press release. The GDRs have been placed at an offer price of 18.05 US dollars, with one GDR representing an interest in ten A-shares of the company listed on the Shenzhen Stock Exchange. In total, the offering of GDRs has allowed Jiangsu Eastern Shenghong to raise gross proceeds of around 718.3 million US Dollars.
Jiangsu Eastern Shenghong is a chemicals company headquartered in Suzhou, a city located near to Shanghai in the east of China. The company focuses on applications in the area of renewable energies, among other aspects. Its product portfolio comprises materials for renewable energies and refining chemicals as well as petrochemicals and chemical fibers.
According to information from the company itself, Jiangsu Eastern Shenghong intends to use this fresh capital to expand production capacities and improve product development processes. Moreover, potential M&A projects could also be financed in this way.
