trending Market Intelligence /marketintelligence/en/news-insights/trending/Q8MvzLZFy_aXIMr6CsbEHg2 content esgSubNav
In This List

Hesteel to raise up to 8B yuan through placement, launches share buyback

Blog

Japan M&A By the Numbers: Q4 2023

Blog

Infographic: The Big Picture 2024 – Energy Transition Outlook

Case Study

An Oil and Gas Company's Roadmap for Strategic Insights in a Quickly Evolving Regulatory Landscape

Blog

Essential IR Insights Newsletter Fall - 2023


Hesteel to raise up to 8B yuan through placement, launches share buyback

Hbis Co. Ltd., or Hesteel, said March 12 that it plans to raise up to 8 billion Chinese yuan through a share placement.

The company said it will use the proceeds raised from the placement of up to 3,185,582,355 shares to refinance debt. The price per share will be determined by the trading price of the company's shares 20 days before the issuance.

In a separate, same-day filing, the company said it plans to spend 500 million yuan to 1 billion yuan to buy back up to 201,612,903 shares at a maximum of 4.96 yuan apiece.

Hesteel said the repurchase program aims to maintain the value of the company and the rights of its shareholders.

As of March 11, US$1 was equivalent to 6.73 Chinese yuan.