Guangdong Adway Construction (Group) holdings company limited (06189-HK) announced the results of the allotment, receiving 1693 valid applications in Hong Kong, with over-subscribed 2.07 times and the lowest price of 5.2 yuan (The offering price per share ranged from HK 5.16 to HK 6.30). It will be listed tomorrow.
Net proceeds is about 225 million yuan, of which nearly 35% will be used to set up management platform for raw materials supply chain online; of which 20% will be used to expand the geographical scope of business and optimize the branch network. Executive director and chairman of the company, Ye Yujing said that it will upgrade its five branches in Tianjin, Nanjing, Urumqi, Dunhuang and Zhengzhou and set up 15 branches in Shanghai, Zhejiang and Jiangxi. Liu Yi Lun, executive director and vice president of the company added that the company will take the overseas development as one of the future development in the line with "One Belt One Road" national policy.