CN ENGY STORAGE (01143) intends to discount about 19.7% of the rights issue with a maximum net receipt of approximately HK$30.3 million.

CN ENERGY STORAGE (01143) announced that on September 16, 2024, the company plans to offer up to 20.7032 million shares of new shares, equivalent to approximately 9.1% of the enlarged issued share capital after the issuance and offer of the new shares. The offer price for each share is HK$1.51, representing a discount of approximately 19.7% to the closing price of HK$1.88 on September 16. Assuming all 20.7032 million shares of new shares are fully subscribed upon completion, the total gross proceeds from the offering will be approximately HK$31.30 million, while the net proceeds will be approximately HK$30.30 million. The company plans to use the net proceeds from the offering for the following purposes: approximately HK$22.10 million for developing energy storage systems dedicated to renewable energy charging for electric vehicles; and approximately HK$8.20 million for the group's operational funds.