CIMC Vehicles’ IPO on Shenzhen Exchange’s GEM Gets Nod
Late on December 27, CIMC announced that the proposed initial public offering (IPO) of CIMC Vehicles (Group) Co., Ltd., a wholly-owned subsidiary of CIMC (CIMC Vehicles, H-share Stock Code: 1839.HK), had been approved by the GEM Listing Committee of the Shenzhen Stock Exchange. The approval has been released on the GEM listing approval publication webpage of Shenzhen Stock Exchange on December 25, 2020.
The announcement also cautioned the presence of uncertainty in issue of A shares by CIMC Vehicles since the IPO proposal approved by Shenzhen Stock Exchange required further approval of China Securities Regulatory Commission for registration and satisfaction of several other prerequisites. Anyway, the A-share IPO of CIMC Vehicles has come to its substantive stage.
CIMC Vehicles, listed on the Stock Exchange of Hong Kong in July 2019, is a globally leading enterprise in high-end manufacturing of trailers and special vehicles.
The proceeds from this IPO are intended to be invested in projects related to the group’s main businesses. The proceeds are expected to be used for its digital transformation, R&D projects, upgrade and construction of new light tower plant projects, new marketing and construction projects, as well as repayment of bank loans and replenishment of liquidity.
Haitong Securities is the sole sponsor of the group’s A-shares IPO. The main underwriters are Haitong Securities, China International Capital Corporation, PPing An Securities and ZTF Securities.