Hainan Rubber starts trading on Shanghai Stock Exchange
Trading in shares of China Hainan Rubber Industry Group on the Shanghai Stock Exchange will start from on Jan 7, the company said on Thursday, aiming to raise 4.7 billion yuan from its initial public offering.
Hainan Rubber, a leading Chinese rubber producer based in the southern island province of Hainan, last month priced its IPO at 5.99 yuan per share, the top end of an indictaive range of 5.50 to 5.99 yuan.
The company will issue 786 million Shanghai A-shares denominated in yuan and will start trading under the code, it said in a statement to the exchange.
The company would use the proceeds to expand rubber production, upgrade technology and supplement working capital, it said in an earlier share issue prospectus.
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