Aug. 26, 2008 (China Knowledge) - Guangdong Jingyi Metal Holdings Co. Ltd, a China-based air-condition components and parts manufacturer and processor, has obtained the approval from the country's stock market watchdog China Securities Regulatory Commission (CSRC) to issue up to 36 million A-shares via its planned initial public offering (IPO) in the Shenzhen Stock Exchange. The Guangdong-headquartered precision copper tube maker plans to sell 36 million new shares with a par value of RMB 1 per share, accounting for 25.49% of its enlarged equity. Net asset per share is RMB 2.47 before issuing. The company had submitted application to issue up to 31 million new shares in Shenzhen last August, which, however, was denied by the country's relevant regulators. Domestic brokerage Guosen Securities Co. Ltd is appointed to handle the deal. However, how the proceeds of the share offering will be used is not available at present.
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