Economic Information Daily, 8th - Cambridge Technology (06166) H-shares opened about 2% lower but quickly turned positive, currently up 5.8% at HK$120.9, with a trading volume of approximately 3.56 million shares involving HK$404 million.
Cambridge Technology announced it has entered into a placement agreement with joint placement agents to place 18.446 million H-shares at a placement price of HK$105.16 per share to no fewer than six placing investors, representing about 17% of the enlarged issued share capital. The placement price represents an approximately 8% discount to the previous closing price of HK$114.3, and is expected to raise net proceeds of approximately HK$1.93 billion.
In addition, the group intends to simultaneously issue convertible bonds with a total principal amount of RMB 3.96 billion, which can be converted into H-shares at a price of HK$128.82 per share under certain conditions. The bonds are zero-coupon and carry no interest. Net proceeds are expected to be approximately RMB 4.605 billion.
The group stated that approximately 55% of the total proceeds will be used to enhance production capacity for optical module products; approximately 30% will be used for strategic investments in selected upstream enterprises; and approximately 15% will be used for general corporate purposes and to supplement the group's working capital. After completion of the placement and full conversion of the convertible bonds into H-shares, the public float of H-shares will be diluted from 25.16% to 21.92%.
Currently, the Hang Seng Index stands at 24,086, down 44 points or 0.2%, with main board turnover nearing HK$26.6 billion. The Hang Seng China Enterprises Index is at 8,110, up 28 points or 0.4%. The Hang Seng Tech Index is at 4,187, down 6 points or 0.2%. (hc)
Cambridge Technology announced it has entered into a placement agreement with joint placement agents to place 18.446 million H-shares at a placement price of HK$105.16 per share to no fewer than six placing investors, representing about 17% of the enlarged issued share capital. The placement price represents an approximately 8% discount to the previous closing price of HK$114.3, and is expected to raise net proceeds of approximately HK$1.93 billion.
In addition, the group intends to simultaneously issue convertible bonds with a total principal amount of RMB 3.96 billion, which can be converted into H-shares at a price of HK$128.82 per share under certain conditions. The bonds are zero-coupon and carry no interest. Net proceeds are expected to be approximately RMB 4.605 billion.
The group stated that approximately 55% of the total proceeds will be used to enhance production capacity for optical module products; approximately 30% will be used for strategic investments in selected upstream enterprises; and approximately 15% will be used for general corporate purposes and to supplement the group's working capital. After completion of the placement and full conversion of the convertible bonds into H-shares, the public float of H-shares will be diluted from 25.16% to 21.92%.
Currently, the Hang Seng Index stands at 24,086, down 44 points or 0.2%, with main board turnover nearing HK$26.6 billion. The Hang Seng China Enterprises Index is at 8,110, up 28 points or 0.4%. The Hang Seng Tech Index is at 4,187, down 6 points or 0.2%. (hc)
