Oriental Shenghong GDR release price confirmed

On December 22, Oriental Shenghong announced that it was applying for the issuance of Global Depositary Receipts (GDRS) and listing on the Swiss Stock Exchange. At present, Oriental Shenghong has determined the final price of the offering at US $18.05 per GDR1; The number of GDRS to be issued was 39.794,000, representing 398 million A-shares of the underlying securities, raising A total of approximately US $718 million.

It is reported that Oriental Shenghong has been preparing for the release of GDR since August this year. After nearly 4 months of efforts, it finally completed the bookkeeping and pricing of GDR in the Swiss market on December 22. In accordance with the relevant rules of the Swiss Stock Exchange and international market practices, Oriental Shenghong expects that the GDRS will be officially listed on the Swiss Stock Exchange around December 28, 2022 (Swiss time).

Oriental Shenghong said that after the successful listing of GDR in Switzerland, on the one hand, it will add new momentum to the company's international development; On the other hand, it means that the internationalization of the company's financing channels and investors have made a breakthrough. After deducting the issuance expenses, the raised funds of this GDR will be mainly used to expand the production capacity of new energy and new materials or to build new product capacity; Developing vertically integrated refining and chemical business capabilities, including supporting upstream raw materials sourcing from global markets; Seeking potential investment, merger and acquisition opportunities and developing management and marketing networks outside mainland China; Invest in research to enhance product development technology capabilities; And for working capital and other general corporate purposes.