China Yangtze Power Co. Ltd. Soon-To-Expire Lock-Up Period of GDR (9934L)
January 18 2021 - 3:31AM
UK Regulatory
TIDMCYPC
RNS Number : 9934L
China Yangtze Power Co. Ltd.
18 January 2021
C hina Yangtze Power Co., Ltd.
(a joint stock company established under the laws of the
People's Republic of China with limited liability)
Announcement of the Soon-To-Expire Lock-Up Period of Global
Depositary Receipts
The board of directors of China Yangtze Power Co., Ltd. (the "
Company ") hereby announces that:
-- The period (the "Lock-up Period") during which the global
depository receipts ("GDRs") representing A Shares issued by the
Company listed the Shanghai Stock Exchange ("A Shares") may not be
redeemed pursuant to the "Provisions on the Supervision and
Administration of Depository Receipts under the Stock Connect
Scheme between Shanghai Stock Exchange and London Stock Exchange"
(for trial implementation) ( ) published by the China Securities
Regulatory Commission on 12 October 2018 (the "DR Provisions") will
expire on 27 January 2021 (London time).
-- Upon the expiration of the Lock-up Period, GDRs may be
redeemed into A Shares of the Company, which will result in a
corresponding decrease in the number of A Shares of the Company
held on behalf of Citibank, N.A., the depositary for the GDRs of
the Company (the "Depositary"), as a nominee holder. As at the date
this announcement, 74,185,923 GDRs are in issue, representing
741,859,230 A Shares, representing 3.26% of the total share capital
of the Company.
-- The GDRs may be redeemed from 28 January 2021 (Beijing time)
(Any reference to time in this announcement, if not otherwise
specified, shall be a reference to Beijing time).
-- Under the arrangements for cross-border conversion of GDRs,
the cross-border conversion of GDRs will not result in the issuance
of A Shares of the Company nor change the number of A Shares of the
Company in issue, and will have no impact on the share capital of
the Company.
Arrangements for cross-border conversion of GDRs and information
on redemption restriction
Following expiry of the Lock-Up Period, in addition to trading
GDRs through the International Order Book of the London Stock
Exchange, qualified international investors can also carry out
cross-border conversions between GDRs and A shares through
cross-border conversion institutions ("Designated Brokers"). As of
the date of this announcement, according to the public information
released by the Shanghai Stock Exchange, a total of 12 Designated
Brokers have completed their registration as cross-border
conversion institutions.
Cross-border conversion includes the deposit of A shares into
the GDR facility and issuance of GDRs ("creation") or the
redemption of GDRs and withdrawal of relevant A shares from the GDR
facility ("redemption"). Designated Brokers shall conduct free of
payment transfers of A shares arising from the creation or
redemption of GDRs through dedicated securities accounts for
cross-border conversion with the Clearing Corporation Limited (the
"CSDC"). In the case that an overseas market investor creates or
redeems GDRs, the CSDC shall match the instructions sent by the
Depositary and the relevant Designated Broker, and conduct free of
payment transfer of the corresponding A Shares at the end of the
business day after matching those instructions and confirming that
relevant underlying A shares are sufficient.
Designated Brokers shall engage members of Shanghai Stock
Exchange to trade A shares on the Shanghai Stock Exchange and
request the depositary to create or redeem the GDRs. In
particular:
-- Creation: As instructed by investors, Designated Brokers may
engage members of Shanghai Stock Exchange to buy A Shares and
deliver to the Depositary, and instruct the Depositary to issue and
deliver the corresponding GDRs to the investors. The GDRs created
therefrom may be traded on the Shanghai-London Stock Connect
segment of the main market of the London Stock Exchange.
-- Redemption: As instructed by investors, Designated Brokers
may instruct the Depositary to cancel GDRs, following which the
Depositary shall deliver the underlying A shares represented by
such GDRs to the Designated Brokers who will then engage members of
Shanghai Stock Exchange to sell such A Shares and deliver the
proceeds to the investors.
Pursuant to the Approval of Issuance and Listing of Global
Depositary Receipts on the London Stock Exchange plc by China
Yangtze Power Co., Ltd. granted by the CSRC (CSRC Approval No.
[2020]2288) ( [2020]2288 ), the maximum number of GDRs of the
Company may not exceed 74,185,923 and the maximum number of the
corresponding underlying A Shares may not exceed 741,859,230. If
the number of GDRs increases or decreases due to factors such as a
bonus issue, share split or consolidation and adjustment of
conversion ratio by the Company, the maximum number of GDRs can be
adjusted accordingly.
The Board of Directors of China Yangtze Power Co., Ltd.
18 January 2021
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCVVLBFFFLXBBB
(END) Dow Jones Newswires
January 18, 2021 03:31 ET (08:31 GMT)
China Yangtze S (LSE:CYPC)
Historical Stock Chart
From Apr 2024 to May 2024
China Yangtze S (LSE:CYPC)
Historical Stock Chart
From May 2023 to May 2024