City Environment Succeeded in Its First Allotment
On August 13, 2020, the share allotment of City Environment Inc. on A-shares market was completed successfully, with a final subscription rate of 97.84%. This was the first capital operation of City Environment on the securities market since its reorganization and its listing on Shenzhen Stock Exchange. It will accelerate its expansion in environmental protection business, enhance its competitiveness and guarantee the company’s stable development in the long run.
Since the start of the shares allotment last year, City Environment has actively coordinated with relevant parties to demonstrate the proposed allotment, carried out due diligence, invited a full subscription commitment from the controlling shareholders and engaged in other preliminary preparations despite of complex situations such as the uncertainty of the secondary market and the regulatory policies and the impact of the coronavirus epidemic. City Environment tried to acquire all necessary approvals from China Securities Regulatory Commition (CSRC) in the shortest time possible.
On August 3,the company held an online roadshow for the allotment of shares. The company’s executives gave a detailed explanation related to issues such as raised funds, main business scope, operating performance, core competitiveness, future development direction and development strategy. In this way, the market could recognize the value of City Environment. On August 4, the date of record, market participants squeezed in to buy the shares and thus the shares allotment was finally achieved.