HKEX confirms separation of China Zhongwang
2020-08-17 17:53:38 [Print]
On August 14, China Zhongwang, a HK stock-listed company, and CRED Holding Co., Ltd., a A-share listed company, both issued announcements, saying that HKEX has confirmed the the spin-off of China Zhongwang and the return to A-share market.
According to the announcement, China Zhongwang submitted a proposal to HKEX and received a written document on August 14 confirming that China Zhongwang may proceed with the separation of Liaoning Zhongwang. The separation is subject to the approval of the China Zhongwang's shareholders.
On March 17, China Zhongwang announced to resume the spin-off and return to A-share. According to relevant announcement, Liaoning Zhongwang, the subsidiary of China Zhongwang, plans to sell 100% of its shares held by Zhongwang Refining and the National Civil-Military Integration Fund to CRED Holding Co., Ltd. by means of asset replacement and share issuance at a price of RMB30.5 billion (USD4.39 billion). The 100% equity of CRED (Xinjiang) is to be sold at a price of RMB200 million (USD28.82 million), which will be exchanged with the equivalent part of the equity of Liaoning Zhongwang held by Zhongwang Refining, so as to realize the listing of Liaoning Zhongwang on the Shanghai Stock Exchange.
According to the announcement, China Zhongwang submitted a proposal to HKEX and received a written document on August 14 confirming that China Zhongwang may proceed with the separation of Liaoning Zhongwang. The separation is subject to the approval of the China Zhongwang's shareholders.
On March 17, China Zhongwang announced to resume the spin-off and return to A-share. According to relevant announcement, Liaoning Zhongwang, the subsidiary of China Zhongwang, plans to sell 100% of its shares held by Zhongwang Refining and the National Civil-Military Integration Fund to CRED Holding Co., Ltd. by means of asset replacement and share issuance at a price of RMB30.5 billion (USD4.39 billion). The 100% equity of CRED (Xinjiang) is to be sold at a price of RMB200 million (USD28.82 million), which will be exchanged with the equivalent part of the equity of Liaoning Zhongwang held by Zhongwang Refining, so as to realize the listing of Liaoning Zhongwang on the Shanghai Stock Exchange.
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