The public offering was 2.39 times subscribed for rare earth permanent magnet leader Jinli Permanent Magnet H-shares were successfully issued_Oriental Fortune Network

GEM listed companyJinli Permanent MagnetJanuary 13 morningannouncement, the company’s H-share offering was priced at HK$33.8 per share, a total of 125.5 million shares were issued, and the net proceeds were approximately HK$4.05 billion. H shares are expected to start trading on the Hong Kong Stock Exchange at 9:00 am on January 14. The company’s public offering was subscribed 2.39 times, and the final number of offer shares available for subscription under the public offering has increased to 25,093,600 shares, accounting for approximately 20% of the offer shares.The final number of Offer Shares under the International Offering is approximately 100 million, equivalent toallotment80% before the exercise of the right. After the release,Jinli Permanent MagnetIt will become a leading rare earth permanent magnet enterprise listed in A+H.

Company announced January 12Institutional researchThe minutes show that the company’s H-share issuance, the main purposes of the raised funds include: 1. About 35% is used for the construction of Ningbo production base; 2. About 25% is used for potential acquisitions to expand the industrial chain layout; 3. About 20% is used for research and development purposes; 4. About 10% will be used to repay Baotou production base project construction loan; 5. About 10% is used for working capital and general corporate purposes.

As a rare earth permanent magnet faucet,Jinli Permanent MagnetSaid that the company’s Baotou “high-performance rare earth permanent magnet material base project” started construction in November 2020. At present, the project has completed the completion and acceptance of the project, and the installation and commissioning of major equipment has been completed and successfully tested. It will enter the production stage and is expected to be available in the second quarter of this year. Gradually reach full production. After the project is put into production, the company will form a production capacity of 23,000 tons/year of high-performance rare earth permanent magnet material blanks. In addition, Ningbo’s “annual output of 3,000 tons of high-end magnetic materials and 100 million sets of components project” has started construction and is expected to be completed and put into production in 2023. The company’s long-term plan is to build a production capacity of 40,000 tons by 2025. The rapid expansion of the company’s production capacity has laid a solid foundation for the development in the next two years.

(Article source: ShanghaisecuritiesNewspaper Chinasecuritiesnetwork)

Article source: Shanghai Securities News China Securities Network

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Original title: The public offering was 2.39 times subscribed for rare earth permanent magnet leader Jinli Permanent Magnet H-shares were successfully issued