China New Energy Ltd Update re Listing (2654D)
June 25 2019 - 1:01AM
UK Regulatory
TIDMCNEL
RNS Number : 2654D
China New Energy Ltd
25 June 2019
China New Energy Limited
(the "Company" or "CNE")
Submission of Listing Application to the Hong Kong Stock
Exchange
The Board of CNE (AIM: CNEL), the AIM quoted engineering and
technology solutions provider to the bioenergy sector, is delighted
to announce that an application for listing the Company's shares on
the Main Board of The Stock Exchange of Hong Kong Limited ("HKEx")
has been made.
A listing application of the Company, including an application
proof of the prospectus (the "Application Proof") of the Company,
has been submitted to the HKEx on 21 June 2019. The Application
Proof is available for download from both the investor section of
the Company's website at www.chinanewenergy.co.uk or the New
Listings > Application Proof, PHIP and Related Materials section
of HKEx's website at www.hkexnews.hk.
On 4 February 2019, the Company announced it had concluded that
a listing on a stock market in Asia may achieve a greater valuation
of the Company and provide it with better access to capital.
Further, the Company advised that it was considering whether it may
be beneficial, conditional upon and simultaneous with admission to
a stock market in Asia, to seek consent to withdraw its securities
from trading on AIM ("Withdrawal").
The Company has concluded that HKEx would be the most
appropriate Asian stock market for the Company to seek for a
listing. As a result of the anticipated valuation on the shares of
the Company after listing on HKEx being greater than that currently
experienced on AIM, the Board has concluded that Withdrawal will be
beneficial for shareholders. Accordingly, the Company intends, in
due course, to convene a general meeting to, inter alia, seek
shareholder consent for Withdrawal conditional upon and
simultaneous with admission to HKEx.
The Board continues to stress that it is committed to remaining
public and for its shares to be traded on an internationally
recognised stock exchange. For the avoidance of doubt, should for
whatever reason the admission to the HKEx not proceed, then the
Company's shares are expected to continue trading on AIM.
The application process is expected to take at least 6 months
from initial submission. The Company's application to HKEx is at an
early stage and will be subject to the approval of the listing
sub-committee of the board of directors of the HKEx. As such, there
can be no certainty at this stage that the application to HKEx will
be successful.
The Company will keep the market appraised of developments with
the application process and the intended withdrawal from AIM during
the course of the application process.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
China New Energy Limited
Ivy Xu xuhj@zkty.com.cn Tel: +86 20 8705
Richard Bennett 9371
rbennett@zkty.com.cn Tel: +44 7966
388374
Cairn Financial Advisers LLP Tel: +44 20 7213 0880
(Nomad & Broker)
Jo Turner / Sandy Jamieson
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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