Shangtang Technology launched a global offering with a proposed offering price of HK $3.85-3.99

Artificial intelligence software company Shangtang Group Co., Ltd. (0020. HK) announced today that it plans to be listed on the main board of the stock exchange of Hong Kong Limited. Shangtang group's global offering of a total of 1.5 billion class B shares, of which 90% are international Placement Shares and the remaining 10% are Hong Kong public offering shares. The indicative offer price ranges from HK $3.85 to HK $3.99 per share. Based on the median offer price of HK $3.92 per offer share, the net proceeds from Shangtang's global offering were approximately HK $5.655 billion. The Hong Kong public offering will begin at 9:00 a.m. on Tuesday, December 7, 2021. Class B shares of the company are expected to be traded on the main board of the Hong Kong Stock Exchange on Friday, December 17, 2021, with the stock code of 0020. Class B shares of the company will be traded at the number of 1000 shares per hand. The company has entered into a cornerstone investment agreement with nine cornerstone investors. The cornerstone investors have agreed to subscribe or cause their designated entities to subscribe for the number of offer shares that can be purchased with a total amount of about US $450 million at the offer price, assuming the lower limit of the offer price, accounting for about 60% of the offer shares. The cornerstone investors are the mixed ownership reform fund initiated by China Chengtong, Guosheng overseas Hong Kong, Shanghai Artificial Intelligence Industry equity investment fund, SAIC Hong Kong, GF fund, Pleiad fund, WT, focustar and hel ved.