(Alliance News) - China New Energy Ltd on Tuesday said it has decided to list its shares on the Main Board of Stock Exchange of Hong Kong Ltd and withdraw listing from London's AIM market.
The engineering and technology solutions provider to the bioenergy sector had in February concluded that a listing on a stock market in Asia could achieve a greater valuation of the company and provide it with better access to capital. It said then it also was considering delisting from AIM market.
China New Energy said on Tuesday the Hong Kong Stock Exchange would be the most appropriate Asian stock market for a listing, and the anticipated valuation on the shares of the company after listing would be greater than that currently experienced on AIM market. Therefore, it made an application last week to join the HKEx.
"The board continues to stress that it is committed to remaining public and for its shares to be traded on an internationally recognised stock exchange. For the avoidance of doubt, should for whatever reason the admission to the HKEx not proceed, then the company's shares are expected to continue trading on AIM," the company added.
China New Energy was trading 11% higher on AIM at 1.30 pence each on Tuesday afternoon.
