CIMC Enric plans to spin off CIMC Enric Environmental Protection for an independent listing on the A-share market.
Published time:
2024-08-08
(Hong Kong, December 16, 2020) – CIMC Enric Holdings Limited ("CIMC Enric" or the "Company"), (Stock Code: 3899.HK) announced that CIMC and CIMC Enric are considering the spin-off and independent listing of CIMC Enric Huanke Technology Co., Ltd. (formerly Nantong CIMC Tank Container Manufacturing Co., Ltd., "CIMC Enric Huanke") on the A-share market ("the Transaction"). CIMC Enric Huanke, together with its subsidiaries, is mainly engaged in the manufacturing and sales of standard tank containers, special tank containers, and equipment for multimodal transport of bulk cargo (mainly liquid, gaseous, and powdered chemicals), as well as the manufacturing and sales of environmental protection equipment. Following the completion of the equity incentive plan for its subsidiary announced on November 27, 2020, the Company currently holds a 90% stake in CIMC Enric Huanke. CIMC and CIMC Enric have jointly submitted an application to the Stock Exchange of Hong Kong Limited ("HKEX") for the proposed spin-off in accordance with the HKEX Listing Rules, Chapter 15. The HKEX Listing Committee has approved the proposed spin-off. Although the Transaction is subject to a number of conditions precedent, including but not limited to the approval of the general meeting of CIMC shareholders (if applicable) and the general meeting of CIMC Enric shareholders (if applicable), and compliance with relevant regulations of the relevant regulatory authorities, it is a key step for the Company to spin off CIMC Enric Huanke for independent listing on the A-share market. It is expected that after the completion of the Transaction, the Company's equity interest in CIMC Enric Huanke will be diluted, but CIMC Enric Huanke will continue to be consolidated in the financial statements of both CIMC and CIMC Enric respectively. The plan to spin off the subsidiary and list it independently on the A-share market will broaden the financing platform for CIMC Enric and its related subsidiaries, increase financing channels, and provide more ample financial support. Mr. Gao Xiang, President of CIMC, Chairman and Executive Director of CIMC Enric, said: "As a leader in key equipment for the global chemical product tank transportation, this transaction will help to expand its strategic layout and business scale by leveraging the resources of the capital market. At the same time, it will also increase the transparency of its operations and finances, making it easier for investors to assess its business development prospects and potential, and attract more potential investors." "CIMC Enric Huanke will adhere to the development direction of "manufacturing + service + intelligence" in the existing chemical tank container business. In addition to strengthening its global leading position in this business, it will focus on resource recycling and harmless disposal, accelerate the improvement of core technologies and manufacturing capabilities of environmental protection equipment, and build environmental operation capabilities such as hazardous waste treatment and solid waste recycling to further enhance its core competitiveness." Regarding the future development prospects of the Company after the completion of the transaction, Mr. Gao Xiang emphasized: "After CIMC Enric Huanke successfully lands on the A-share market in the future, CIMC Enric will be able to better utilize the strong resources of the mainland and Hong Kong capital markets to lay a more solid foundation for the overall development of the Company. The Company will have more abundant funds to support and focus on other retained businesses with huge growth potential, strive for greater returns for shareholders, and benefit the long-term growth of the Company's value. The future is bright!" ~End~ About CIMC Enric Holdings Limited CIMC Enric is committed to the clean energy, chemical environment, and liquid food industries, providing customers with key equipment, engineering services, and system solutions for transportation, storage, and processing. Its marketing network covers the globe. After nearly ten years of steady development and accumulation, CIMC Enric has become a leading integrated business service provider and key equipment manufacturer in the industry: ISO liquid tank container production and sales volume, and high-pressure transport vehicle production and sales volume rank among the top in the world; the market share of cryogenic transport vehicles and cryogenic storage tanks ranks first domestically; and the market share of large LNG receiving station storage tanks, LNG refueling station modular products, and CNG refueling stations ranks among the top three in the domestic market.
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