Ms. Ann Siyin Lin reports
CHANGFENG ANNOUNCES HONG KONG IPO UPDATE
Changfeng Energy Inc. has provided the following update.
Hong Kong initial public offering on the Hong Kong Stock Exchange
The company has been pursuing its plans to undertake a public offering of common shares, together with the listing of its common shares on the Stock Exchange of Hong Kong Ltd. Since late 2017, as previously disclosed, the group has procured several new projects that are currently either under development or at the initial stage of operation, whose contributions will only be reflected in the company's financial results as those projects become fully operational. Consequently, management of Changfeng has determined to reschedule its pursuit of the H.K. IPO for completion during the first half of 2019, which would permit it to advance these new projects and enable their results to be reflected in its financial statements for the year ending Dec. 31, 2018, thereby providing the opportunity to incorporate those results in the H.K. IPO process and potentially enhance the company's valuation.
With GF Capital (Hong Kong) Ltd., the sponsor previously appointed by the company for the H.K. IPO, unable to allocate sufficient resources as sponsor to assist the company under the new schedule for the H.K. IPO, the company has appointed Altus Capital Ltd. as sponsor in place of GF Capital. Nevertheless, GF Capital will continue to support the H.K. IPO plan as financial adviser to the company. In addition, the company also plans to appoint GF Securities (Hong Kong) Brokerage Ltd., an affiliated company of GF Capital, as the global co-ordinator, bookrunner and lead manager of the H.K. IPO.
Established in 2000, Altus Capital is the financial, corporate and compliance advisory arm of Altus Holdings Ltd., a company listed on the GEM (growth enterprise market) of the Hong Kong Stock Exchange. Altus Capital is licensed under the Securities and Futures Ordinance in Hong Kong to carry out Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities, and it has sponsored companies with operations in various jurisdictions across different industries for listings on the Hong Kong Stock Exchange.
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