The power battery company China Innovation Airlines officially landed on the Hong Kong Stock Exchange. China Innovation Airlines opened flat on the first day of its listing, at HK$38 per share, with a total market value of HK$67.347 billion (approximately RMB 60.882 billion). The share price of China Innovation Airlines rose 0.26% to HK$38.1, with a total market value of HK$67.525 billion.
China Innovation Airlines previously stated that based on the offering price of HK$38.00 per share, the company will receive estimated net proceeds of approximately HK$9.8639 billion (approximately RMB 8.917 billion) from the global offering. The company intends to use the net proceeds for the following purposes:
- Approximately HK$7,891.1 million (approximately RMB 7,118 million) will be used to finance the Company's new production facilities in Chengdu Phase I, Wuhan Phase II, Hefei Phases I and II, Guangdong Jiangmen Phase I and Sichuan Meishan Project, totaling 95GWh Part of the expenses for the construction of power battery and energy storage system production lines
- About HK$986.4 million (about 890 million yuan) will be used for advanced technology research and development to maintain the company's technological leadership in batteries and their production processes
- About HK$986.4 million (approximately RMB 890 million) will be used for working capital and general corporate purposes
In addition, the China Automotive Power Battery Industry Innovation Alliance released data on the loading volume of domestic power battery companies in August 2022, showing that China Innovation Airlines ranked third with a proportion of 5.62% , second only to CATL (46.79%) and BYD (21.91%).
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