STOCKS | CGN Nuclear Technology Plans A-Share Private Placement to Raise Up to 1.25 Billion Yuan

CGN Nuclear Technology said it planned a private placement of A-shares to its controlling shareholder, CGN Nuclear Technology Application Co., Ltd. According to Jin10, the company said the total proceeds would be no less than 850 million yuan and no more than 1.25 billion yuan, and after deducting issuance expenses would be used to supplement working capital or repay bank loans. The company said the issuance would involve no more than 284 million shares. The issue price would be no lower than 80% of the average trading price over the 20 trading days before the pricing benchmark date. Shares subscribed by the investor would be non-transferable for 36 months from the end of the issuance. The company said the issuance still required approval from the competent state-owned assets supervision authority, approval by the shareholders’ meeting, review and approval by the Shenzhen Stock Exchange, and registration consent from the China Securities Regulatory Commission.