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On November 15, 2020 (EST), the company's board of directors approved a preliminary proposal to issue RMB shares and put them on the board, baiji Shenzhou said in a statement.
is expected to be completed in the first half of 2021 and is subject to, among other things, market conditions, further approval by the Board of Directors, approval by shareholders at the Company's General Meeting of Shareholders and obtaining the necessary regulatory approval.
the following details: The nature of RMB shares: RMB shares will be common shares, subscribed by the target subscriber in RMB, will be listed on the Kotson board and traded in RMB.
rmb shares will form the same class of common stock as Hong Kong shares.
RMB shares will be common shares with the same common equity as existing common shares of the Company listed on the Hong Kong Stock Exchange, with the same face value per share ($0.0001 per share) and the same right to voting rights, dividends and return on assets.
's American Deposits ("American Deposits Shares") is listed on the NASDAQ Global Select Market.
american deposits is equivalent to 13 common shares.
rmb shares and Hong Kong shares will be in the same category.
the size of the proposed issue of RMB shares: The RMB shares to be issued shall not exceed 10% of the total number of shares issued by the Company immediately before such issue and the number of RMB shares to be issued and issued under this proposed issue of RMB shares.
in accordance with applicable laws and regulations in China, an over-allonsion of the relevant number of RMB shares involving no more than 15% of the initial issue of RMB shares may be granted.
the relevant RMB shares are new and will not involve the conversion of existing shares and American deposit stock.
The final issue size of RMB shares will be determined by the Board of Directors (authorized by the General Meeting of Shareholders of the Company) in consultation with the sponsor and underwriter, subject to the size of the issue registered by the relevant securities regulatory authority, the capital needs of the Company and market conditions.
of the proceeds of the offering: After deducting the issuance expenses, the proceeds from the proposed issuance of RMB shares are currently intended for use in the Group's main business.
