Guanghetong планує контролювати Hangsheng Electronics 5 місяців тому H-акції залучили 2.9 мільярдів гонконгських доларів, перший день торгівлі — падіння

China Economic Net Beijing, 25 March report: Guanhengtong (300638.SZ) last night released an announcement regarding a preliminary plan for a major asset restructuring.

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

According to preliminary estimates, this transaction is expected to constitute a major asset restructuring as stipulated in the “Measures for the Administration of 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 is intended to be conducted by means of a cash payment; it does not involve the issuance of shares by the company, does not constitute a connected transaction, and will not lead to any change in the controlling interest of the listed company.

This transaction is still in the planning stage. The transaction parties have not yet signed any related agreements. The specific transaction proposal still needs to be further demonstrated and negotiated. It will also be necessary to carry out the necessary internal and external decision-making and approval procedures for the company, the target company, and the transaction counterpart.

Guanhengtong states that the principal business of the target company is research, design, production and sales of automotive electronic products. The listed company has been deeply engaged in in-vehicle wireless communication module businesses for many years. By integrating downstream enterprises, the listed company has achieved a transformation from an in-vehicle communication module supplier to a provider of full-stack automotive electronic solutions. After completion of this transaction, Hangsheng Electronic will become the company’s holding subsidiary. The listed company and the target company will conduct deep integration and synergy. The business scale of the listed company will be enhanced, and it will truly improve the listed company’s capabilities for sustained operation and sustainable development, which is consistent with the interests of the listed company and all shareholders.

Guanhengtong listed on the Shenzhen Stock Exchange on 13 April 2017, with a public offering of 20M new shares, an issue price of 10.45 yuan per share, and total proceeds raised of 209M yuan, with net proceeds of 28.41M yuan.

The Guanhengtong underwriting sponsor is CICC Securities Co., Ltd., and the sponsor representatives are Xia Tao and Zhang Junjie. Total issuance expenses are 20M yuan, including underwriting and sponsorship fees of 2,000.00 million yuan.

In 2019, the company issued shares to specific investors through a non-public offering. Approved by the CSRC with document No. [2019] 976, and with the consent of the Shenzhen Stock Exchange, the company issued 12,792,395 shares to specific investors by non-public offering, in the manner of the lead underwriter, Guangfa Securities Co., Ltd., at an issue price of 54.72 yuan per share. As of 15 November 2019, the company had raised a total of 1.83M yuan (including issuance expenses of 182.79 million yuan that should have been paid but were not paid). After deducting issuance expenses of 606.79 million yuan, the net proceeds amounted to 6.07M yuan. The above net proceeds have been verified by the capital verification report issued by CPA firm Tongdun Accounting Firm (special general partnership), namely “Capital Verification Report” No. (2019) 441ZC0202.

Total A-share funds raised by Guanhengtong are 909M yuan (excluding supporting funds raised to purchase assets).

Guanhengtong was listed on the Hong Kong Stock Exchange on 22 October 2025. The final offer price of Guanhengtong 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 after Guanhengtong’s listing in Hong Kong, it closed at HK$18.98, down 11.72%, falling below the issue price. The lowest intraday price was HK$18.89.

According to the announcement on the final offer price and allocation results, the number of shares offered under the global offering for Guanhengtong was 135,080,200 H shares (subject to whether the over-allotment option is exercised), the number of Hong Kong offer shares was 13,508,200 H shares, and the number of international offer shares was 121,572,000 H shares (subject to whether the over-allotment option is exercised).

Guanhengtong’s sole sponsor, sponsor and joint overall coordinator, joint global coordinator, joint bookrunner and joint lead manager are CMB Securities (Hong Kong) Limited; the joint overall coordinator, joint global coordinator, joint bookrunner and joint lead manager are Guosen International Securities (Hong Kong) Company Limited and CMB International Financing Limited; and the joint bookrunner and joint lead manager are Agricultural Bank of China International Financing Limited, Huasheng Securities (International) Limited, and Futu Securities International (Hong Kong) Limited.

According to the announcement on the final offer price and allocation results, Guanhengtong’s cornerstone investors include: Qindao Gantong, Pacific Asset Management, China Taiping (Hong Kong), 广发基金管理, 广发国际, 瑞华投资, 智度投资, 张晓雷, 国泰君安证券投资, 君宜香港基金.

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