TIDMYTT
RNS Number : 6884R
Zhejiang Yongtai Technology Co Ltd
30 October 2023
ZHEJIANG YONGTAI TECHNOLOGY CO., LTD.
(GDR under the symbol: "YTT")
(a joint stock company established under the laws of the
People's Republic of China with limited liability)
Announcement of the Soon-To-Expire Lock-Up Period of Global
Depositary Receipts
Important Notice:
l The Lock-up Period in which the Global Depositary Receipts
(hereinafter referred to as "GDR") issued by Zhejiang Yongtai
Technology Co., Ltd. (the "Company") may not be redeemed shall be
from 11 July 2023 (London time) to 7 November 2023 (London time)
(hereinafter referred to as "the Lock-up Period"), which will
expire soon.
l Upon the expiration of the Lock-up Period, GDR can be
converted into A shares of the Company, which will result in a
corresponding decrease in the number of A Shares of the Company
held by Citibank, National Association, the depositary for the GDR
of the Company, as a nominee holder upon the cancellation
instruction and entering the PRC domestic market for circulation.
The number of GDR redeemable at the expiration of the Lock-up
Period is 7,438,900, corresponding to 37,194,500 A Shares of the
Company, accounting for 4.07% of the current total share capital of
the Company (i.e. 913,760,795 shares).
l The GDR redeemable at the expiration of the Lock-up Period can
be converted into A Shares of the Company starting from 8 November
2023 (unless otherwise specified, the date listed in this
announcement refers to Beijing time).
l Under the arrangements for cross-border conversion of GDR, the
cross-border conversion of GDR will not result in any change in the
number of newly issued A Shares or outstanding A Shares of the
Company, and will have no impact on the share capital of the
Company.
I. BASIC INFORMATION ON GDR ISSUED
(I) Approval
The Company has obtained approval from the China Securities
Regulatory Commission (hereinafter referred to as the "CSRC") for
this issuance of GDR (for details, please refer to the Announcement
on Reply Concerning the Issuance and Listing of GDR on London Stock
Exchange Approved by the CSRC (Announcement No.: 2023-012) (
2023-012 ) published by the Company on 1 April 2023), and approval
from Financial Conduct Authority for the GDR prospectus concerning
this issuance (for details, please refer to the Announcement on the
Approval by the Financial Conduct Authority for the Issuance and
Listing of GDR on London Stock Exchange (Announcement No.:
2023-040) 2023-040 published by the Company on 7 July 2023).
(II) Share registration time
The Company's issuance of GDR corresponding to the newly issued
underlying A Shares of 37,194,500 has been registered and deposited
at the Shenzhen Branch of China Securities Depository and Clearing
Corporation Limited (hereinafter referred to as "CSDC") on 10 July
2023. The holder is Citibank, National Association, the depositary
for the GDR of the Company.
(III) Listing of GDR
The Company issued 7,438,900 GDR on 11 July 2023 (London time)
and was listed on the London Stock Exchange. The full name of the
securities is ZHEJIANG YONGTAI TECHNOLOGY CO., LTD., and the GDR
trading symbol is YTT.
II. ARRANGEMENTS FOR CROSS-BORDER CONVERSION OF GDR AND
INFORMATION ON REDEMPTION RESTRICTION
(I) GDR cross-border conversion arrangements
I n addition to trading GDR through the International Order
Book, qualified investors can also carry out cross-border
conversions between GDR and A shares through cross-border
conversion institutions. As of the date of this announcement,
according to the public information released by the Shenzhen Stock
Exchange, a total of eight cross-border brokers have completed
their registration as cross-border conversion institutions.
Cross-border conversion includes the conversion of A Shares into
GDR (hereinafter referred to as "Creation"), and the conversion of
GDR into A Shares (hereinafter referred to as "Redemption").
Cross-border conversion institutions shall conduct free-of-payment
transfers of A shares arising from the Creation or Redemption of
GDR through dedicated securities accounts for cross-border
conversion with the CSDC. In the case that an overseas market
investor creates or redeems GDR, the CSDC shall match the
instructions sent by the depositary and the cross-border conversion
institutions, and conduct free-of-payment transfers of the
corresponding A Shares at the end of the business day after
matching those instructions and confirming that relevant underlying
A shares are sufficient.
Cross-border conversion institutions shall engage members of the
Shenzhen Stock Exchange to trade A shares in the PRC domestic
market and request the depositary to create or redeem the GDR. In
particular:
1. Creation: As instructed by investors, cross-border conversion
institutions may engage members of the Shenzhen Stock Exchange to
buy A Shares and deliver to the depositary, and instruct the
depositary to issue and deliver the corresponding GDR to the
investors. The GDR created therefrom may be traded on the Stock
Connect segment of the main market of the London Stock
Exchange.
2. Redemption: As instructed by investors, cross-border
conversion institutions may instruct the depositary to cancel GDR,
following which the depositary shall deliver the underlying A
shares represented by such GDR to the cross-border conversion
institutions who will then engage members of the Shenzhen Stock
Exchange to sell such A Shares and deliver the proceeds to the
investors.
(II) Information on Redemption restriction
According to relevant regulatory requirements, the Lock-up
Period of the Company's GDR shall be from 11 July 2023 (London
time) to 7 November 2023 (London time). During this period, the GDR
issued by the Company shall not be converted into A shares.
Pursuant to the Approval of Issuance and Listing of GDR on the
London Stock Exchange by Zhejiang Yongtai Technology Co., Ltd.
granted by the CSRC (Zheng Jian Xu Ke [2023] 684) ( [2023]684 ),
the maximum number of GDR in the duration of the Company's GDRs
shall be consistent with the actual size of this GDR offering. The
maximum number of GDR in the duration of the Company's GDR shall
not exceed 7,438,900, corresponding to a maximum number of
37,194,500 A shares. If the number of GDR increases or decreases
due to the Company's bonus issue, share split or consolidation, or
conversion ratio adjustment, the maximum number shall be adjusted
accordingly.
The number of GDR redeemable at the expiration of the Lock-up
Period is 7,438,900, corresponding to 37,194,500 A Shares,
accounting for 4.07% of the current total share capital of the
Company.
III. ARRANGEMENTS FOR THE REDEMPTION OF THE GDR ISSUED AND THE
IMPACT ON THE SHARE CAPITAL OF THE COMPANY
The Lock-up Period of the Company's GDR shall be from 11 July
2023 (London time) to 7 November 2023 (London time), which will
expire soon.
The GDR redeemable at the expiration of the Lock-up Period can
be converted into A shares of the Company starting from 8 November
2023 (Beijing time), which will result in a corresponding decrease
in the number of A Shares of the Company held by the depositary,
Citibank, National Association, as a nominee holder upon the
cancellation instruction and entering the PRC domestic market for
circulation.
Within the maximum number of GDR for the duration of the GDR, as
instructed by investors, cross-border conversion institutions may
engage members of the Shenzhen Stock Exchange to buy A Shares from
the PRC domestic market and instruct the depositary to create GDR
representing the A Shares purchased by the member, which will
result in a corresponding increase in the number of A Shares of the
Company held by the depositary, Citibank, National Association, as
a nominee holder.
In the event of cross-border conversion of the Company's GDR,
the number of the Company's GDR shall not exceed the maximum number
approved by the CSRC for the duration of the GDR. Under the
arrangements for cross-border conversion of GDR, the cross-border
conversion of GDR will not result in any change in the number of
newly issued A Shares or outstanding A Shares of the Company, and
will have no impact on the share capital of the Company.
The Board of Directors
Zhejiang Yongtai Technology Co., Ltd.
30 October 2023
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END
MSCDBLBXXBLZFBL
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October 30, 2023 03:45 ET (07:45 GMT)
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