China Fishery seeks listing on HKSE

Hong Kong listing will allow the company to expand its investor base by facilitating additional institutional and local retail investors in Hong Kong.

China Fishery Group Limited (“China Fishery”) on Friday announced that it intends to undertake a global offering of new ordinary shares (the “Proposed Global Offering”) and seek a dual primary listing (the "Proposed SEHK Listing") of all the ordinary shares of China Fishery on the Main Board of the Stock Exchange of Hong Kong Limited (the "SEHK").

China Fishery plans to allot and issue up to 175,000,000 new ordinary shares (the “Offer Shares”) (subject to adjustment and the over-allotment option) pursuant to the Proposed Global Offering. The over-allotment option will be up to an aggregate of 25,000,000 new shares, representing 14.3% of the initial number of Offer Shares, according to a China Fishery report.

Commenting on the Proposed SEHK Listing and Proposed Global Offering, Group Managing Director Mr. Ng Joo Siang said, “China Fishery is on the fast track for growth. The Proposed Global Offering will strengthen the Group’s share capital base and will provide additional funding to improve the execution of our business strategy and future plans, as well as providing us with an additional channel to raise capital through gaining access to a wider range of institutional and retail investors.”

Mr. Ng added, “China Fishery derives more than half its revenue from the PRC, with China-consumption being a key driver of the Group’s growth. Listing in Hong Kong will allow China Fishery to expand and diversify its investor base by facilitating additional institutional and local retail investors in Hong Kong to participate in the equity of China Fishery and will also enable the Group to enhance its profile in China/Asia and thereby further strengthening its business and customer base in the region. With the dual primary listing on SEHK, we believe that liquidity of China Fishery’s shares will improve.”

The offer price for the new shares issued under the Proposed Global Offering will be determined closer to the date of the commencement of the Proposed Global Offering. The offer price will not be at a discount of more than 10% to the weighted average price for trades of China Fishery shares done on the SGX-ST for the full market day on which the offer price is determined.

Details concerning utilisation of the proceeds will be disclosed in the prospectus that will be issued in connection with the Proposed Global Offering.

The Hongkong and Shanghai Banking Corporation Limited and UBS AG, Hong Kong branch are the joint bookrunners, joint lead managers and joint sponsors for the Proposed SEHK Listing and the Proposed Global Offering.

The Proposed SEHK Listing and Proposed Global Offering is subject to, among other things, the approval by the Listing Committee of the SEHK and in-principle approval from SGX-ST for the listing of, and permission to deal in, the New Shares on the Main Board of SEHK and the Main Board of SGX-ST (as the case may be), and the approval from the shareholders of the Company and Pacific Andes International Holdings Limited, its holding company listed on SEHK. Accordingly, Shareholders and potential investors should be aware that there is no assurance that the Proposed SEHK Listing will take place or as to when it may take place. Further announcement(s) in relation to the Proposed SEHK Listing and Proposed Global Offering will be made at the appropriate time.