HengXin Technology
Posted: Sat Mar 27, 2010 10:18 amYawn....
Published March 27, 2010
Hengxin eyeing dual listing in Hong Kong
Meanwhile, managing director resigns for personal reasons; search on for executive director
By MICHELLE QUAH
HENGXIN Technology intends to seek a dual primary listing of its shares in Hong Kong, echoing the recent trend among companies here seeking a second listing there.
Separately, the company said yesterday that its managing director, Xu Guochen, has resigned for personal reasons. The resignation takes effect on Thursday next week.
Hengxin said that its proposed listing on the main board of the Hong Kong Stock Exchange would 'enhance the long-term growth prospects of the company as the company's operations are principally located in China'.
'This will therefore maximise the value of the company and its shares,' its announcement yesterday said.
Hengxin is one of the leading manufacturers of radio frequency coaxial cables for mobile communications and telecommunications equipment in China.
The company said that the dual listing would allow it 'ready access to different equity markets in the Asia-Pacific region when the opportunity arises'.
'The two markets will broaden the investors' base and improve liquidity of its shares,' it said.
Hengxin shares closed unchanged at 26.5 cents yesterday, with 208,000 shares changing hands.
The company said that it would make further announcements on the proposed listing at the appropriate time. But it added that there is no certainty or assurance that the listing will materialise as it is subject to, among other things, the approval of relevant authorities as well as prevailing market conditions.
Hengxin is just the latest in a growing number of Singapore-listed companies looking to list in Hong Kong, encouraged by the improved valuations after they've done so.
China XLX Fertiliser started the run some three months ago, when its stunning first-day performance drove others such as Swing Media and Midas Holdings to follow suit.
Hong Kong's attractiveness was quantified when, last year, it proved to be the world's hottest market for new listings - with more than US$30 billion worth of shares sold to the public in 73 initial public offers.
On Mr Xu's resignation as managing director, Hengxin said that executive chairman Cui Genxiang will cover Mr Xu's duties, with the help of Song Haiyan, the general manager of its main operating subsidiary Jiangsu Hengxin Technology Co Ltd.
In the meantime, the company will look for a replacement to fill the position of executive director.
Published March 27, 2010
Hengxin eyeing dual listing in Hong Kong
Meanwhile, managing director resigns for personal reasons; search on for executive director
By MICHELLE QUAH
HENGXIN Technology intends to seek a dual primary listing of its shares in Hong Kong, echoing the recent trend among companies here seeking a second listing there.
Separately, the company said yesterday that its managing director, Xu Guochen, has resigned for personal reasons. The resignation takes effect on Thursday next week.
Hengxin said that its proposed listing on the main board of the Hong Kong Stock Exchange would 'enhance the long-term growth prospects of the company as the company's operations are principally located in China'.
'This will therefore maximise the value of the company and its shares,' its announcement yesterday said.
Hengxin is one of the leading manufacturers of radio frequency coaxial cables for mobile communications and telecommunications equipment in China.
The company said that the dual listing would allow it 'ready access to different equity markets in the Asia-Pacific region when the opportunity arises'.
'The two markets will broaden the investors' base and improve liquidity of its shares,' it said.
Hengxin shares closed unchanged at 26.5 cents yesterday, with 208,000 shares changing hands.
The company said that it would make further announcements on the proposed listing at the appropriate time. But it added that there is no certainty or assurance that the listing will materialise as it is subject to, among other things, the approval of relevant authorities as well as prevailing market conditions.
Hengxin is just the latest in a growing number of Singapore-listed companies looking to list in Hong Kong, encouraged by the improved valuations after they've done so.
China XLX Fertiliser started the run some three months ago, when its stunning first-day performance drove others such as Swing Media and Midas Holdings to follow suit.
Hong Kong's attractiveness was quantified when, last year, it proved to be the world's hottest market for new listings - with more than US$30 billion worth of shares sold to the public in 73 initial public offers.
On Mr Xu's resignation as managing director, Hengxin said that executive chairman Cui Genxiang will cover Mr Xu's duties, with the help of Song Haiyan, the general manager of its main operating subsidiary Jiangsu Hengxin Technology Co Ltd.
In the meantime, the company will look for a replacement to fill the position of executive director.
