TIDMYTT
RNS Number : 1165F
Zhejiang Yongtai Technology Co Ltd
06 July 2023
Announcement of Offer Price
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA, THE PEOPLE'S REPUBLIC OF
CHINA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE
THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS AND
NOT AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING,
WITHOUT LIMITATION, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN, SOUTH AFRICA OR THE PEOPLE'S REPUBLIC OF CHINA.
Neither this announcement, nor anything contained herein shall
form the basis of, or be relied upon in connection with, any offer
or commitment whatsoever in any jurisdiction. Investors should not
subscribe for or purchase any securities referred to in this
announcement except solely on the basis of the information
contained in a prospectus in its final form (together with any
supplementary prospectus, if relevant, the "Prospectus"), including
the risk factors set out therein, expected to be published by
Zhejiang Yongtai Technology Co., Ltd. (the "Company") in due course
in connection with the proposed offer of global depositary receipts
("GDRs") representing the Company's A shares and the proposed
admission of such GDRs to the standard listing segment of the
Official List of the United Kingdom Financial Conduct Authority
(the " FCA ") and to trading on the Stock Connect segment of the
main market for listed securities (the " Main Market ") of London
Stock Exchange plc (the " LSE ") (together, the "Admission"). A
copy of any Prospectus published by the Company will, if published,
be available for inspection on the Company's website at
http://www.yongtaitech.com, subject to certain access
restrictions.
6 July 2023
ZHEJIANG YONGTAI TECHNOLOGY CO., LTD.
(a joint stock company established under the laws of the
People's Republic of China with limited liability)
Announcement of Offer Price
Zhejiang Yongtai Technology Co., Ltd. ("Yongtai" or the
"Company", and together with its subsidiaries, the "Group"), a
leading manufacturer of fluorine-containing fine chemicals, today
announces the successful pricing for its offering of GDRs
representing its A shares (the "Offering") at USD 9.41 per GDR (the
"Offer Price"), with each GDR representing 5 A shares of the
Company, each with a fully paid nominal value of RMB1.00 each (the
"A Shares").
Yingmei Wang, Chairwoman of the board of directors of the
Company, commented:
"We are pleased to announce the pricing of the Company's GDR
Offering today. The successful listing on the Stock Connect segment
of the Main Market of the London Stock Exchange will help the
Company to further expand its overseas business and increase its
influence over international capital markets. The Company's leading
fluorine-containing fine chemicals business and future strategies
of expanding its global presence were fully recognised by
international investors. We are glad that respected investors from
international institutions will join us as GDR holders.
We would like to thank all parties for making this successful
issuance happen, especially key regulators who provided strong
support and worked closely with us, the Shenzhen Stock Exchange and
the London Stock Exchange."
Offering Highlights
-- The Offer Price has been set at USD 9.41 per GDR. The
Prospectus relating to the Offering will be submitted for approval
with the FCA and is expected to be published on 6 July 2023. A copy
of the Prospectus, following publication, will be available on the
Company's website at http://www.yongtaitech.com, subject to certain
access restrictions.
-- The Offering consists of 7,438 , 900 GDRs equating to an
offer size of USD 70.0 million and representing 4.24% of the
Company's outstanding A Share capital.
-- Conditional trading in the GDRs on the LSE is expected to
commence on a "when-issued" basis on 6 July 2023. The GDRs are
expected to be admitted to listing on the standard segment of the
Official List maintained by the FCA and to trading on the Stock
Connect segment of the Main Market of the LSE, and unconditional
trading in the GDRs is expected to commence on 11 July 2023.
-- Huatai Financial Holdings (Hong Kong) Limited is acting as
sole global co-ordinator (the "Sole Global Co-ordinator") and joint
bookrunner, and China Securities (International) Corporate Finance
Company Limited and CLSA Limited are acting as joint bookrunners
(together with the Sole Global Co-Ordinator, the "Joint
Bookrunners").
Overview of the Group
The Group is a leading manufacturer of fluorine-containing fine
chemicals, and is one of the few enterprises in the industry that
operates in both inorganic fluorochemical and organic
fluorochemical industries. The Group has built up vertically
integrated industry chains with a rich product portfolio and matrix
covering the upstream, midstream and downstream sectors in the
industries it operates in.
The Group has a horizontally diversified business structure
covering performance materials (new energy lithium battery
materials and liquid crystal materials), pharmaceutical products,
crop science products and trading business .
-- Performance Materials (New Energy Lithium Battery Materials
and Liquid Crystal Materials) Business: By expanding to upstream
lithium fluoride raw materials and downstream electrolyte products,
the Group has formed a vertically integrated industrial chain
covering products from upstream raw materials for lithium salts, to
lithium salts, additives and electrolyte solutions. The Group's
performance materials (new energy lithium battery materials and
liquid crystal materials) mainly include new energy lithium battery
material products (LiPF6 (lithium hexafluorophosphate), LiFSI
(lithium bis (fluorosulfonyl) imide), VC (vinylene carbonate), FEC
(fluoroethylene carbonate), electrolyte solutions) and fluoro
liquid-crystal intermediates.
-- Pharmaceutical Product Business: By expanding to high
value-added downstream sectors, such as active pharmaceutical
ingredients (" APIs ") and finished dosages, the Group has
developed a vertically integrated industrial chain covering key
pharmaceutical fluorine-containing intermediates, pharmaceutical
APIs and pharmaceutical finished dosages in the fields of
cardiovascular, diabetes, central nervous system, anti-infection,
and anti-virus.
-- Crop Science Product Business: B y expanding to high
value-added downstream sectors, such as active crop science
ingredients (" AIs ") and crop science formulations, the Group has
developed a vertically integrated industrial chain covering crop
science intermediates, crop science AIs and formulations including
fluorinated herbicides, fungicides and insecticides.
-- Trading Business: The Group also conducts trading business,
the business models for which include a contract manufacturing
organisation model. The Group's subsidiary Shanghai E-tong Chemical
Co., Ltd. ("Shanghai E-tong") provides technical or financial
support to domestic manufacturers to produce designated AIs and
formulations, and then sells the products to domestic and overseas
customers. The Group also adopts an original equipment
manufacturing model, whereby Shanghai E-tong delegates domestic
manufacturers to produce formulations with Shanghai E-tong's brand
and mainly sells products to overseas markets such as Indonesia and
Nigeria. Meanwhile, Shanghai E-tong also purchases crop science
products and other fine chemicals in China and resells them to
domestic and overseas trading companies and end-customers.
Over the years, the Group has experienced significant growth in
operating income and net profit. For the years ended 31 December
2020, 2021, 2022 and three months ended 31 March 2022 and 2023, the
Group's total operating income was RMB3,450.3 million, RMB4,468.7
million, RMB6,336.2 million, RMB1,737.3 million and RMB1,005.9
million, respectively. During the same period, the Group's total
net profit was RMB77.7 million, RMB332.2 million, RMB659 . 6
million, RMB433.5 million and RMB17 . 0 million, and its return on
equity was 3.7%, 8.1%, 16.0%, 11.0% and 0.4%, respectively,
providing a good return to the Group's shareholders.
Corporate Information
Zhejiang Yongtai Technology Co., Ltd. is a joint stock company
with limited liability established pursuant to the Company Law of
the People's Republic of China.
The Company's registered office is located at No. 1 Donghai
Fifth Avenue, Linhai Park, Zhejiang Chemical API Base, Zhejiang
Province, China.
For further information, please visit the website of the Company
at http://www.yongtaitech.com, or contact +86 0576-85588006.
Disclaimer / Forward Looking Statements
The contents of this announcement have been prepared by and are
the sole responsibility of the Company.
The information contained in this announcement is for background
purposes only and does not purport to be full or complete nor does
it constitute or form part of any invitation or inducement to
engage in investment activity, nor does it constitute an offer or
invitation to buy any securities in any jurisdiction including the
United States, or a recommendation in respect of buying, holding or
selling any securities. No reliance may be placed by any person for
any purpose on the information contained in this announcement or
its accuracy, fairness or completeness.
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States (including its
territories and possessions, any state of the United States and the
District of Columbia), Australia, Canada, Japan, South Africa, the
People's Republic of China or any other jurisdiction where to do so
would constitute a violation of the relevant laws of such
jurisdiction. The distribution of this announcement may be
restricted by laws in certain jurisdictions and persons into whose
possession any document or other information referred to herein
come should inform themselves about and observe any such
restriction. Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such
jurisdiction.
This announcement is an advertisement and not a prospectus and,
further, is not an offer to sell, or solicitation of an offer to
buy, acquire or subscribe for, or otherwise invest in, any
securities to any person in any jurisdiction, including without
limitation those in the United States (including its territories
and possessions, any state of the United States and the District of
Columbia), Australia, Canada, Japan, South Africa, the People's
Republic of China or in any other jurisdiction in which such offer
or solicitation would be unlawful. The GDRs have not been, and will
not be, registered under the US Securities Act of 1933, as amended
(the "Securities Act"), or the securities laws of any state of the
United States and may not be offered or sold in the United States
unless registered under the Securities Act or pursuant to or an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and any applicable
state or local securities law. The Company has not made and does
not intend to make any public offer of securities in any
jurisdiction, including, without limitation, the United States.
For persons in any member state of the European Economic Area
(the "EEA"), this announcement is only addressed to and directed at
persons who are "qualified investors" ("Qualified Investors")
within the meaning of Article 2(e) of the Regulation (EU)
2017/1129.
For persons in the United Kingdom, this announcement is only
addressed to and directed at persons who are "qualified investors"
within the meaning of Article 2(e) of Regulation (EU) 2017/1129 as
it forms part of retained EU law as defined in the European Union
(Withdrawal) Act 2018 and who (i) have professional experience in
matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005, as amended (the "Order"), (ii) are high net worth entities
who fall within Article 49(2)(a) to (d) of the Order, or (iii) are
otherwise persons to whom it may otherwise lawfully be communicated
(all such persons being referred to as "relevant persons").
This announcement must not be acted on or relied on (i) in the
United Kingdom, by persons who are not relevant persons, and (ii)
in any member state of the EEA, by persons who are not Qualified
Investors. Any investment or investment activity to which this
announcement relates is available only to and will only be engaged
with (i) in the United Kingdom, relevant persons, and (ii) in any
member state of the EEA, Qualified Investors.
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements may be identified by the use of forward-looking
terminology, including the terms "believe", "expect", "anticipate",
"intend", "estimate", "forecast", "project", "will", "may",
"target", "should" and similar expressions, or, in each case, their
negative or other variations or comparable terminology, or by
discussions of strategies, plans, objectives, goals, future events
or intentions. Forward-looking statements may and often do differ
materially from actual results. Any forward looking statements
reflect the Company's current view with respect to future events
and are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to the Group's business,
results of operations, financial position, liquidity, prospects,
growth and strategies. Forward looking statements speak only as of
the date they are made.
To the fullest extent permitted under applicable laws, the
Company and each of the Joint Bookrunners and their respective
affiliates expressly disclaims any obligation or undertaking to
update, review or revise any forward looking statement contained in
this announcement whether as a result of new information, future
developments or otherwise.
Any subscription or purchase of GDRs in the Offering should be
made solely on the basis of information contained in the Prospectus
which may be issued by the Company in connection with the Offering.
The information in this announcement is subject to change. Before
subscribing for or purchasing any GDRs, persons viewing this
announcement should ensure that they fully understand and accept
the risks which will be set out in the Prospectus if published. No
reliance may be placed for any purpose on the information contained
in this announcement or its accuracy or completeness. This
announcement shall not form the basis of or constitute any offer or
invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for any GDRs or any other securities nor
shall it (or any part of it) or the fact of its distribution, form
the basis of, or be relied on in connection with, any contract
therefor.
The timing of Admission may be influenced by a variety of
factors which include market conditions. The Company may decide not
to go ahead with the proposed Offering and/or Admission and
therefore there is no guarantee that the Prospectus will be
published, the proposed Offering will proceed or Admission will
occur. Potential investors should not base their financial decision
on the Company's intentions in relation to Admission or this
announcement. Acquiring investments to which this announcement
relates may expose an investor to a significant risk of losing all
of the amount invested.
Persons considering making investments should consult an
authorised person specialising in advising on such investments.
This announcement does not constitute a recommendation concerning
the Offering. The value of GDRs can decrease as well as increase.
Past performance is not a guide to future performance. Information
in this announcement cannot be relied upon as a guide to future
performance. Before purchasing any securities in the Company,
persons viewing this announcement should ensure that they fully
understand and accept the risks which will be set out in the
Prospectus, if published. Potential investors should consult a
professional advisor as to the suitability of the Offering for the
person concerned.
None of the Company, the Joint Bookrunners or any of their
respective affiliates, or any of their or their affiliates'
directors, officers, employees, advisors or agents, accepts any
responsibility or liability whatsoever for or makes any
representation or warranty, express or implied, as to the truth,
accuracy or completeness of the information in this announcement
(or whether any information has been omitted from the announcement)
or that any transaction has been or may be effected on the terms or
in the manner stated herein or as to the achievement or
reasonableness of future projections, management targets,
estimates, prospects or returns, if any, or any other information
relating to the Company, its subsidiaries or associated companies,
whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever
arising from any use of the announcement or its contents or
otherwise arising in connection therewith. The Company, the Joint
Bookrunners and their respective affiliates, accordingly disclaim
all and any liability whether arising in tort, contract or
otherwise which they might otherwise have in respect of this
announcement or its contents or otherwise arising in connection
therewith.
The Joint Bookrunners and their affiliates are acting
exclusively for the Company and no-one else in connection with the
Offering. They will not regard to any other person as their
respective clients in relation to the Offering and will not be
responsible to anyone other than the Company for providing the
protections afforded to their respective clients, nor for providing
advice in relation to the Offering, the contents of this
announcement or any transaction, arrangement or other matter
referred to herein.
Huatai Financial Holdings (Hong Kong) Limited, China Securities
(International) Corporate Finance Company Limited and CLSA Limited
are licensed by the Securities and Futures Commission of Hong
Kong.
In connection with the Offering, the Joint Bookrunners and/or
any of their respective affiliates and/or funds managed by
affiliates of the Company acting as an investor for its or their
own account(s) may subscribe for the GDRs and, in that capacity,
may retain, purchase, sell, offer to sell or otherwise deal for its
or their own account(s) in such GDRs, any other securities of the
Company or other related investments in connection with the
Offering or otherwise. Accordingly, any references in the
Prospectus, if published, to the GDRs being issued, offered,
subscribed, acquired or otherwise dealt in should be read as
including any issue or offer to, or subscription, acquisition or
dealing by, the Joint Bookrunners and/or any of their respective
affiliates and/or funds managed by affiliates of the Company acting
in such capacity. In addition, certain of the Joint Bookrunners or
their affiliates may enter into financing or hedging arrangements
(including swaps) with investors in connection with which such
Joint Bookrunners (or their affiliates) may from time to time
acquire, hold or dispose of GDRs. Neither the Joint Bookrunners nor
any of their respective affiliates intend to disclose the extent of
any such investment or transactions otherwise
than in accordance with any legal or regulatory obligation to do
so.
No stabilisation will be carried out in connection with the
Offering.
Unless otherwise indicated, market, industry and competitive
position data are estimates (and accordingly, approximate) and
should be treated with caution. Such information has not been
audited or independently verified, nor has the Company ascertained
the underlying economic assumptions relied upon therein.
Certain data in this announcement, including financial,
statistical, and operating information has been rounded. As a
result of the rounding, the totals of data presented in this
announcement may vary slightly from the actual arithmetic totals of
such data. Percentages in tables may have been rounded and
accordingly may not add up to 100%.
For the avoidance of doubt, the contents of the Company's
website are not incorporated by reference into, and do not form
part of, this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
LISSSEFAIEDSEDW
(END) Dow Jones Newswires
July 06, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Zhejiang Yong (LSE:YTT)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Zhejiang Yong (LSE:YTT)
Storico
Da Mag 2023 a Mag 2024
