Широкая связь планирует контролировать Hangsheng Electronics 5 месяцев назад H-shares привлекли 2.9 миллиарда гонконгских долларов, первый день торгов завершился падением

China Economic Network, Beijing, 25 March News: Guhongtong (300638.SZ) released last night an announcement regarding the preliminary plan for a major asset restructuring.

The company plans to acquire the controlling rights of Shenzhen Hangsheng Electronic Co., Ltd. (hereinafter referred to as “Hangsheng Electronic”, “target company”) by means of cash. The transaction price and the specific proportion of equity acquisition are subject to further demonstration and negotiation. After completion of this transaction, Hangsheng Electronic will become a controlling subsidiary of the company.

According to preliminary estimates, this transaction is expected to constitute a major asset restructuring as stipulated in the “Administrative Measures for Major Asset Restructuring of Listed Companies” and a major transaction under Chapter 14 of the “Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited”. This transaction will be conducted by means of cash and will not involve the issuance of shares by the company, does not constitute a connected transaction, and will not lead to a change in the controlling rights of the listed company.

This transaction is still at the planning stage. The transaction parties have not yet signed any relevant agreements. The specific transaction方案 still requires further demonstration and negotiation. It is also necessary to complete the necessary relevant internal and external decision-making and approval procedures of the company, the target company, and the transaction counterpart(s).

Guhongtong stated that the target company’s main business is the R&D, design, production and sales of automotive electronics products. The listed company has been deeply engaged in in-vehicle wireless communication module products for many years. Through integrating downstream enterprises, the listed company has realized its transformation from an in-vehicle communication module supplier to a provider of full-stack automotive electronics solutions. After completion of this transaction, Hangsheng Electronic will become a controlling subsidiary of the company. The listed company and the target company will carry out deep integration and coordination, the business scale of the listed company will be enhanced, and it will effectively improve the listed company’s sustainable operating capability and sustainable development capability, which is in line with the interests of the listed company and all its shareholders.

Guhongtong was listed on the Shenzhen Stock Exchange on 13 April 2017. It publicly issued 20M new shares at an issue price of 10.45 yuan per share. The total amount of proceeds raised was 209M yuan, and the net proceeds raised were 28.41M yuan.

The sponsor institution for Guhongtong’s listing on A shares is Guoxin Securities Co., Ltd., and the sponsor representatives are Xia Tao and Zhang Junjie. Total issuance costs amount to 20M yuan, of which underwriting and sponsorship fees are 700M yuan.

The company issued shares to specific investors by way of non-public issuance in 2019. Approved by the China Securities Regulatory Commission, approval document [2019] No. 976, and with approval from the Shenzhen Stock Exchange, the company issued 12,792,395 shares to specific investors by way of non-public issuance, with 广发证券股份有限公司 (the main underwriter) as the main underwriter. The issue price was 54.72 yuan per share. As of 15 November 2019, the company had raised funds of 1.83M yuan (including issuance expenses of 182.79 million yuan to be paid but unpaid). After deducting issuance expenses of 606.79 million yuan, the net proceeds raised were 6.07M yuan. The above net proceeds have been verified by ShineWing Certified Public Accountants (Special General Partnership) with the capital verification report “ShineWing Yan Zi (2019) No. 441ZC0202”.

Guhongtong’s total fundraising for A shares amounted to 909 million yuan (excluding the supporting fundraising for the purchase of assets).

Guhongtong was listed on the Hong Kong Stock Exchange on 22 October 2025. The final offer price of Guhongtong was HK$21.50. The total proceeds were HK$2,904.2 million. After deducting estimated listing expenses payable of HK$93.6 million calculated based on the final offer price, the net proceeds were HK$2,810.6 million.

On the first day of trading of its H-share listing, Guhongtong closed at HK$18.98, down 11.72%, which was below the issue price. During the trading session, the lowest price was HK$18.89.

The final offer price and the results of allocation announcement shows that, under the global offering, the number of shares offered is 135,080,200 H shares (subject to whether the over-allotment option is exercised or not), the number of Hong Kong offer shares is 13,508,200 H shares, and the number of international offer shares is 121,572,000 H shares (subject to whether the over-allotment option is exercised or not).

Guhongtong’s sole sponsor, sponsor and overall coordinator, joint global coordinator, joint bookrunner and joint lead manager are CITIC Securities (Hong Kong) Limited; the overall coordinator, joint global coordinator, joint bookrunner and joint lead manager are Guo Zheng International Securities (Hong Kong) Limited and CMB International Capital Limited; the joint bookrunner and joint lead manager are Agricultural Bank of China International Capital Limited, Hwa Sheng Securities (International) Co., Ltd., and Futu Securities International (Hong Kong) Limited.

According to the final offer price and allocation results announcement, Guhongtong’s cornerstone investors include: Qindaotong, Pacific Asset Management, China Taiping (Hong Kong), 广发基金管理, 广发国际, 瑞华投资, Zhidu Investment, Zhang Xiaolei, Guotai Junan Securities Investment, Junyi Hong Kong Fund.

(责任编辑：徐自立)

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