STOCKS | Xinyi Glass Unit Files For Hong Kong Main Board Listing

Xinyi Glass (0868) said its wholly owned subsidiary Xinyi Auto Glass has filed an application with the Hong Kong Stock Exchange for a main board listing, with BNP Paribas Securities (Asia) as sponsor. The proposed spin-off is expected to be carried out through an in-specie distribution of Xinyi Auto Glass shares, under which shareholders will receive new shares on a pro rata basis at no cost, according to Ming Pao. Xinyi Glass will also sell its Xinyi Auto Glass shares, while Xinyi Auto Glass will issue new shares. Based on current estimates, the shares to be distributed in the in-specie distribution will account for 80% of the total issued shares, while the shares sold by Xinyi Glass and the shares issued by Xinyi Auto Glass will account for 14% and 6% of the expected offering size, respectively.