Shenzhen-listed Unisplendour abandons year-long effort to raise funds in Hong Kong
The Tsinghua Holdings arm, however, will raise US$800 million via a private share placement on Shenzhen exchange
Unisplendour Corporation, a subsidiary of state-backed Tsinghua Holdings, has scrapped its Hong Kong listing plan that had been in the works for nearly a year.
The Shenzhen-listed company said in an exchange filing on Wednesday that its board had voted to terminate the proposed share issuance on the Hong Kong stock exchange.
The termination would not have any “significant impact” on its business operations, the statement added.
Simultaneously, Unisplendour announced plans to raise up to 5.57 billion yuan (US$800 million) via a private placement of shares on the Shenzhen bourse to fund the acquisition of a further 7 per cent stake in H3C Technologies, buy research and development equipment and repay loans.
Its subsidiary H3C, originally a joint venture between 3Com and Huawei, is a provider of digital infrastructure, including AI servers, networking and cloud products. Unisplendour acquired a 51 per cent stake in H3C for US$2.3 billion in 2015.