Unisplendour Corporation, a subsidiary of state-backed Tsinghua Holdings, has scrapped year-long plans to get listed on the Hong Kong stock exchange, reports the South China Morning Post. Instead, it will raise $800 million via a private share placement on the Shenzhen exchange.
The Shenzhen-listed developer of cloud computing software and manufacturer of servers and storage systems 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 RMB 5.57 billion (US$800 million) via a private placement of shares on the Shenzhen bourse to fund the acquisition of a further 7% stake in H3C Technologies, buy research and development equipment and repay loans.