【Breaking News】（IPO）Zhixin Group Holding (2187.HK) Announces Moderate Oversubscription in its Public Offer Shares under the Share Offer Offer Price at HK$1.50 per Offer Share

【Breaking News】（IPO）Zhixin Group Holding (2187.HK) Announces Moderate Oversubscription in its Public Offer Shares under the Share Offer Offer Price at HK$1.50 per Offer Share

(Hong Kong, 25 March 2021) — Zhixin Group Holding Limited (“the Company”, together with its subsidiaries collectively known as “the Group”) (Stock Code: 2187.HK) today announces its allotment results. The offer price is HK$1.50 per offer share.

The public offer shares initially offered under the public offer are moderately oversubscribed. A total of 12,822 valid applications have been received for a total of 472,000,000 public offer shares, representing approximately 25.24 times of the total number of 18,704,000 public offer shares initially available for subscription under the public offer.

The offer shares initially offered under the placing are undersubscribed, representing approximately 0.90 times of the total number of placing shares initially available under the placing.

Since the placing shares are undersubscribed and the public offer shares are oversubscribed, the reallocation procedures as described in the section headed ‘‘Structure of the Share Offer — The Public Offer — Reallocation’’ in the prospectus have been applied. A total of 18,704,000 offer shares initially available under the placing have been reallocated to the public offer. As a result of such reallocation, the final number of offer shares available under the public offer has been increased to 37,408,000 offer shares, representing approximately 20% of the offer shares initially available under the share offer, being allocated to 2,155 successful applicants under the public offer, 2,060 of which have been allocated one board lot of shares.

Taking into account the reallocation of 18,704,000 offer shares from the placing to the public offer, the final number of offer shares under the placing is 149,592,000 offer shares, representing approximately 80% of the offer shares initially available under the share offer. A total number of 195 placees have been allocated offer shares, 103 of which have been allocated with five board lots of shares or less and in aggregate have been allocated 1,592,000 offer shares under the placing, representing approximately 52.82% of the total number of placees andapproximately 1.06% of the total number of placing shares, respectively.

The number of offer shares subscribed by the relevant cornerstone investors has now been determined. Mr. Wang Miao (王苗先生) has subscribed for 16,832,000 Offer Shares; Tenancy Co., Limited has subscribed for 31,976,000 Offer Shares. The Cornerstone Investors have subscribed for an aggregate of 48,808,000 offer shares, representing (i) approximately 26.1% of the offer shares; and (ii) approximately 6.52% of the Company’s total issued share capital following the completion of the share offer.

Based on the offer price of HK$1.50 per Offer Share, the net proceeds from the share offer to be received by the Company, after deduction of underwriting fees and commissions and estimated expenses payable by the Company in connection with the share offer, is estimated to be approximately HK$241.4 million (equivalent to RMB219.4 million).

Mr. Ye Zhijie (葉志杰), executive director, chairman of the board and the founder of the Group, said, “We are pleased with the favourable response from our investors and highly appreciate their great support for our Group. As a leading manufacturer in Fujian, the Group is well prepared to capture new opportunities in the fast-growing prefabricated construction industry. In the future, our Group will continue to leverage on our advantageous market position, so as to reap the benefit of greater public recognition and achieve a higher growth of the Company.”

Sole sponsor of the listing is Kingsway Capital Limited. Joint bookrunners are Kingsway Financial Services Group Limited, Seazen Resources Securities Limited, Zhongtai International Securities Limited, Haitong International Securities Company Limited and SPDB International Capital Limited. Joint lead managers are Kingsway Financial Services Group Limited, Seazen Resources Securities Limited, Zhongtai International Securities Limited, Haitong International Securities Company Limited, SPDB International Capital Limited and ZMF Asset Management Limited.

Dealings in the shares on the Main Board of the Stock Exchange are expected to commence at 9:00 a.m. on Friday, 26 March 2021. The shares will be traded in board lots of 8,000 shares. The stock code of the shares is 2187.

About Zhixin Group Holding Limited (Stock Code: 2187.HK)
The Group is a leading manufacturer and supplier of concrete-based building material in Xiamen, Fujian Province of the PRC. Its principal products can be broadly categorized as (i) ready-mixed concrete; and (ii) precast concrete components (‘‘PC components’’). Its Group currently owns and operates two production plants, namely the RMC Plant and PC Plant and leases one production workshop, namely the Jimei Workshop, in Xiamen, with a current aggregate annual production capacity of approximately 1,439,000 m3 of ready-mixed concrete and approximately 119,800 m3 of PC components. With over 13 years of experience working with construction companies for various types of building and construction projects including (i) infrastructure, (ii) residential, (iii) commercial and industrial and (iv) municipal, the Group has established sound reputation in the construction industry in Fujian Province.

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