Jinwu Financial News | China Shenzhen Construction Industry (02503) will start offering shares today and plans to issue 129 million shares, of which the public sale accounts for 10%, and the rest are international placements. The sale price is HK$1, 4,000 shares per lot, and the entry fee is HK$4040.35. Xinhua Huifu is the sole sponsor. The shares are expected to be listed on January 9.
The company is a private general contracting construction enterprise in China in the development stage. The company plans to use about 45.7% of the net proceeds from capital raising to fund a number of projects we have recently been awarded as of the last viable date; about 41.3% to acquire certain machinery; about 7.0% to hire additional manpower to meet the expected growth in business operations; and about 6.0% for working capital and other general corporate purposes.