Fuyao Glass plans to issue H shares to qualified investors

 

Fuyao Glass Industry Group Co. said Friday that it plans to issue and place up to 101.1 million H-shares, or 20% of its H-share capital, to qualified investors.

The Chinese manufacturer of automotive glasses said the issue price will not be lower than 80% of the average closing price for the preceding five days before the issue price is set.

Fuyao Glass, which is also listed in Shanghai, plans to use the proceeds for several purposes, including capital replenishment, debt repayment and reinvestment.

The fundraising plan comes after the company’s Hong Kong-listed shares have gained 63% over the past three months alongside a broad auto-sector rally.

source: Trade