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London Stock Exchange welcomes Zhejiang Yongtai Technology Co., Ltd to the Main Market

Posted: 11 July 2023

First Shenzhen Stock Exchange listed issuer of GDRs in London

London Stock Exchange today welcomes to the Main Market Zhejiang Yongtai Technology Co., Ltd  (“Yongtai Technology” or “The Company”), a leading manufacturer of fluorine-containing fine chemicals covering performance materials (new energy lithium battery materials and liquid crystal materials), pharmaceutical products and crop science products.

Yongtai Technology raised approximately US$70 million through a global offering of Global Depositary Receipts (GDRs) on their underlying A shares listed on the Shenzhen Stock Exchange. Each GDR was priced at US$9.41.

Yongtai Technology was founded in 1999 and listed on the Shenzhen Stock Exchange in 2009 with the stock code of 002326.SZ.  The Company is one of the few enterprises in the industry that operates in both inorganic fluorochemical andorganic fluorochemical industries. Yongtai Technology has built up vertically integrated industry chains with a rich product portfolio and matrix covering the upstream, midstream and downstream sectors in the industries it operates in.

The net proceeds will be mainly used to promote the Company’s global industry chains layout in core business areas, which include new energy materials, pharmaceutical products and crop science products, and to enhance the capabilities of product research and development, manufacturing and sales; and to  repay the Company’s indebtedness and supplement the Company’s working capital.

Trading of GDRs is available on London Stock Exchange’s International Order Book. Over 2000 GDRs from over 100 countries can be directly traded at London Stock Exchange. 

Wang Yingmei, Chairman of Yongtai Technology, said: 

“We are very pleased with the positive response from institutional investors in respect of the issuance of GDRs. The Shenzhen-London Stock Connect is an important step in opening up China's capital market to the outside world. 

The entry of the Shenzhen-London Stock Connect into the international capital market will help Yongtai Technology open international financing channels, further optimize its shareholding structure and corporate governance mechanism, better meet its business development needs at home and abroad, and promote its global strategic layout, thereby gradually expanding the Company's visibility and brand influence and continuously improving its comprehensive competitive strength. "

Julia Hoggett, CEO of LSE plc said:

“The listing of Yongtai Technology GDRs on the London Stock Exchange’s Main Market showcases the importance of our capital markets in funding growth and providing access to a truly global investor base. The partnership between the London Stock Exchange and the Shenzhen Stock Exchange is a pathway to a vibrant, diverse market which cultivates financial ties between the UK and China, as well as providing financing choice to Chinese issuers growing their business globally.”

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