Chinese nickel provider Lygend Resources & Technology said on Wednesday it has priced its proposed share sale on the Shenzhen Stock Exchange at 21.23 yuan apiece, seeking to raise 3.67 billion yuan ($547.21 million).
The Shenzhen sale would make Lygend a dual-listed company; it has been trading on the Hong Kong Stock Exchange since December 2022.
Last week, the nickel products producer and trader announced it will issue 172.9 million Class A shares, representing 10% of the enlarged share capital.
The dual listing would give Lygend access to mainland Chinese liquidity pools, a structure used by several Chinese firms.
Lygend said it would use the proceeds to fund a project that recycles waste from its metal-processing operations, as well as a facility to refine mixed nickel-cobalt hydroxide into higher-value products.
The company, which has a market value of about $3.40 billion according to data compiled by LSEG, last month reported a 92% year-on-year rise in first-half profit to 2.74 billion yuan.
The nickel producer supplies the steel and electric vehicle sectors, with operations spanning mining inputs, processing, equipment manufacturing and port logistics.
Lygend was founded in 2009 and is headquartered in Ningbo, Zhejiang province.
Reuters
