HONG KONG, Aug 14 (Reuters) - Shanghai Forte Land 2337.HK said late on Thursday that it aimed to list in Shanghai through an issue of 285 million A shares.
The Chinese property firm said it would apply to the China Securities Regulatory Commission and seek shareholders’ approval for listing of A shares on the Shanghai Stock Exchange at a price to be determined by market conditions at the time.
Proceeds from the sale of the A-shares will be used to fund property development projects and to replenish working capital, the company added. For a statement, please click here
Shares of Shanghai Forte have risen about 95 percent so far this year to end at HK$2.42 on Thursday, outperforming a roughly 45 percent rise in the benchmark index .HSI. (US$1=HK$7.75) (Reporting by Donny Kwok; editing by Ken Wills)
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