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Essential Energy Insights - October 2021


Henan Jinma raising HK$352.6M via Hong Kong IPO

Chinese coke producer Henan Jinma Energy Co. Ltd. said Oct. 9 that it has set the offer price for its Hong Kong IPO at HK$3.0 per share, with net proceeds expected to be HK$352.6 million.

The company received applications for a total of 581,961,000 shares in Hong Kong, which represents an oversubscription of 43.64x.

Henan Jinma then increased the number of shares under Hong Kong offering to 26,668,000, accounting for about 30% of total shares issued under the IPO.

The remaining 93,332,000 shares will be issued under a global offering, which was moderately oversubscribed, according to the company.

The listing was originally announced Sept. 25 when Henan Jinma said in a separate statement that the maximum offer price would be HK$3.39 per share, with a midpoint price of HK$2.75 per share.

Of the net proceeds, 40% will fund the construction of coke granules coal gas facilities and 10% will fund production facilities for liquefied natural gas.

The company will also invest 40% of the proceeds to implement a dry quenching facility for coking furnaces and 10% for working capital.

As of April 30, the company's annual production capacity was at 2.1 million tonnes of coke and it was capable of processing about 120,000 tonnes of crude benzene and 180,000 tonnes of coal tar. All of its production facilities are in an industrial park in China's Henan province.

Shares will start trading on the Hong Kong Stock Exchange on Oct. 10.