BRIEF: Guofu Hydrogen raises $11.67 million via share placement at 17% discount

Hydrogen storage and transportation equipment maker Jiangsu Guofu Hydrogen Energy Equipment Co. Ltd. (2582.HK) announcedon Sunday that it will place up to 1.73 million new Hong Kong-listed shares at HK$54 each to raise net proceeds of HK$91 million ($11.67 million).

The new shares represent about 2.13% of the company’s enlarged share capital for its Hong Kong-listed stock, and 1.62% of its total enlarged share capital. The placement price represents a discount of roughly 17% to Friday’s closing price of HK$65.10.

The company will use proceeds to fund investments and partnerships in hydrogen projects in China and overseas, including hydrogen production plants, refueling stations and hydrogen liquefaction facilities.

Guofu Hydrogen posted revenue of 109 million yuan in the first half of the year, down 19.2% year-on-year, while its net loss narrowed to 89.25 million yuan from 112 million yuan a year earlier.

The company’s shares opened lower on Monday, closing at HK$64.4 by the midday break, down 1.08%.

By Lee Shih Ta

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