China New Energy Ltd Hong Kong Listing Update (1125Z)
January 08 2020 - 2:00AM
UK Regulatory
TIDMCNEL
RNS Number : 1125Z
China New Energy Ltd
08 January 2020
8 January 2020
China New Energy Limited
(the "Company" or "CNE")
Hong Kong Listing Update
The Board of CNE (AIM: CNEL), the AIM quoted engineering and
technology solutions provider to the bioenergy sector, provides an
update on its application for listing on the Main Board of the Hong
Kong Stock Exchange ("HKEx") further to its announcements of 23
October 2019 and 25 June 2019.
The Company continues to make good progress with its application
to HKEx, however, the application process has taken longer than
expected. On 23 October 2019, resolutions were approved by
shareholders in relation to its proposed listing on the Main Board
of HKEx ("HKEx Listing") which included shareholders approving the
cancellation of trading of the Company's shares on AIM
("Cancellation") simultaneous with admission to HKEx. The
resolution in respect of Cancellation expires on 22 January 2020
and, accordingly, the Company will need to re-seek shareholder
approval in respect of this resolution. The Company will therefore
convene a further extraordinary general meeting for this purpose in
due course. Admission to HKEx is now expected to be in the first
half of 2020.
The Company and Double River Limited have extended the
convertible loan agreement as announced on 4 February 2019. This
agreement was due to mature on 14 February 2020 and has now been
extended until 14 May 2020 or such later date as both parties may
agree. All other terms remain unchanged.
The Company is pleased to announce that trading for the second
half of the financial year to 31 December 2019 remained strong and
the Board of CNE is optimistic for the prospects for the financial
year to 31 December 2020.
Mr Yu, Chairman, commented "We are very pleased with the
financial performance of the Company in 2019 and the current order
book gives us confidence to maintain or better our current
financial performance in the year ahead. It remains our primary
objective to have the Company's shares admitted to the Main Board
of the HKEx in the first half of 2020. We remain confident that the
HKEx Listing will both improve shareholder value and provide us
access to cost-effective capital to develop our business to its
full potential. Whilst our application remains subject to approval
by the HKEx, our experienced team of advisers is working diligently
to complete the listing application process and I remain confident
we will achieve this goal in H1 2020."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
China New Energy Limited
Ivy Xu xuhj@zkty.com.cn Tel: +86 20 8705
Richard Bennett 9371
rbennett@zkty.com.cn Tel: +44 7966
388374
Cairn Financial Advisers LLP Tel: +44 20 7213 0880
(Nomad & Broker)
Jo Turner / Sandy Jamieson
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