Source: China Economic Net
Zhongshen Construction Holdings Limited (hereinafter referred to as "Zhongshen Construction", 02503.HK) HK) was listed on the Hong Kong Stock Exchange on the 9th. As of the close of trading on the 9th, Zhongshen Construction reported HK$0.72, down 28%, and the market value of the Hong Kong stock market was HK$371 million.
The total number of shares offered under the share offering is 128,700,000 shares, of which 51,480,000 shares are offered to the public (after reallocation) and 77,220,000 shares are placed (after redistribution).
The sole sponsor of Zhongshen Construction is Xinhua Kingsway, the overall coordinator is Xinhua Kingsway, the joint bookrunners and joint lead managers are Xinhua Kingsway and Beta International Securities, and the joint bookrunners are Huasheng Securities.
The final offer price of CSM was HK$1 per share, with gross proceeds of HK$128.70 million, net proceeds of HK$84.95 million after deducting the estimated listing fee payable at the final offer price of HK$43.75 million.
Founded in 2017, Zhongshen Construction is a private general contractor in the development stage of China. The company has built its reputation and market share by focusing on municipal utilities in Guangdong Province with strategic thinking, and has successfully established a strong foothold in Guangdong Province, covering Henan, Sichuan, Fujian, Hubei, Zhejiang and Xinjiang Uygur Autonomous Region. The company mainly acts as the general contractor or subcontractor of construction projects.
The proceeds are intended to be used to fund capital requirements and cash flow from certain recently awarded projects, to acquire certain machinery, to hire additional staff, to work capital and for other general corporate purposes.