Chen'an Technology's 1.419 billion yuan private placement approved by Shenzhen Stock Exchange; Hefei SASAC to become controlling shareholder

Corporate Action
โดย 中国证券报·Read original
Summary · why it matters

Chen'an Technology's 1.419 billion yuan private placement application has been approved by the Shenzhen Stock Exchange's Listing Review Center, and will subsequently be submitted to the China Securities Regulatory Commission for registration. The issuance targets Hefei State-Owned Capital Venture Capital Co., Ltd., with an issue price of 20.33 yuan per share, an issuance volume not exceeding 69.7913 million shares, and total funds raised not exceeding 1.419 billion yuan. The proceeds are intended for the AI plus Public Safety Smart Brain project, the Public Safety Intelligent Equipment R&D and Industrialization project, as well as supplementing working capital and repaying debts. Upon completion of the issuance, Hefei State-Owned Capital Venture Capital will hold a 28.85 percent stake in the company, becoming the controlling shareholder, and the Hefei Municipal State-owned Assets Supervision and Administration Commission will become the actual controller. The original controlling shareholder, Telecom Investment, will terminate its concert party agreement and respect Hefei State-Owned Capital Venture Capital's control. The company stated that the introduction of the new controlling shareholder is an important move for central and local state-owned capital to cooperate and collaborate in the public safety industry, bringing strategic synergy and resource empowerment. In addition, regarding the horizontal competition between the Urban Lifeline Group controlled by Hefei Construction Investment and the company, Hefei Construction Investment and the Hefei Municipal SASAC have committed to transferring the relevant assets or equity to Chen'an Technology or its controlled subsidiaries within 48 months, and to entrust Chen'an Technology with management before that.

Impact on stocks 1

Others▲ · 1 stocks

Off-coverage companies 2

合肥国有资本创业投资有限公司Private▲ Positive
Capitalrelevance

As the issuance target, Hefei State-Owned Capital Venture Capital will acquire a 28.85% stake and become controlling shareholder.

城市生命线集团Private± Mixed
Competitionrelevance

Horizontal competition with Chen'an Technology is acknowledged; Hefei Construction Investment commits to transfer assets to Chen'an within 48 months, but impact on Urban Lifeline Group is unclear.

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