Wednesday, September 23, 2020
Martin Hennecke

Lithium firm in $1.4b placement
Stella Zhai China's Ganfeng Lithium (1772) plans to raise HK$1.45 billion through a share placement. The Jiangxi-based lithium producer will sell 40.04 million new H shares, or 16.67 percent of the total issued H shares as enlarged by the placement, to at least six investors. The placing price is HK$36.35 apiece, a 9.13 percent discount against the closing price of HK$40 on Tuesday. Ganfeng intends to use the net proceeds for capacity expansion construction, research and development expenses, existing debt repayment, potential investment, replenishment of working capital, and general corporate purposes. Ganfeng's stock edged up by 0.5 percent to HK$40.20 yesterday. On Tuesday, R&F Properties (2777) announced a share placement to raise around HK$2.5 billion to repay its offshore debts. The developer is offering 257 million shares at HK$9.82 apiece, a 1.31 percent discount from its Tuesday closing. That represents 16.63 percent of its total issued H shares after the placement. Shares of R&F climbed 1.31 percent to HK$10.08 yesterday.
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