Jinwu Financial Insurance | Fujing China Holdings (02497) will launch a public offering today and plans to issue 110 million shares, of which 10% will be publicly sold in Hong Kong and the rest will be placed internationally. The offer price per share is between HK$1.08-1.28, with an entry fee of HK$2,585.81 for 2,000 shares per lot. The shares are expected to be listed on December 8. Junfu Finance is the sole sponsor.
The company plans to use about 76.5% of the net capital raised proceeds to expand planting capacity; about 10.4% to establish a dedicated organic substrate production base; about 6.2% to upgrade IT systems to improve operating efficiency; and about 6.9% for general working capital.