HK Stock Market Move | Xinte Energy (01799) fell over 6% in early trading. The company has terminated its A-share IPO application and withdrawn the application materials.

XINTE ENERGY (01799) fell by more than 6% in the morning session, dropping by 4.5% to 7.43 Hong Kong dollars as of the time of publication, with a trading volume of 15.3421 million Hong Kong dollars. On the news front, on the evening of December 24, XINTE ENERGY announced that, based on the actual situation of the company, thorough communication with the sponsoring institution, and careful deliberation, the company has decided to withdraw the proposed issuance of A-shares. As XINTE ENERGY and its sponsor have withdrawn the application for IPO issuance, the Shanghai Stock Exchange has terminated the review of its main board IPO issuance. It is reported that as early as January 2021, XINTE ENERGY announced the proposal to issue A-shares and in 2022 disclosed the A-share listing plan. According to the prospectus, the company plans to issue no more than 300 million shares to raise 8.8 billion yuan for the construction of a green, low-carbon circular economy project for the production of 200,000 tons of high-end electronic-grade polysilicon. In the first half of this year, affected by a significant decrease in the market price of polysilicon products, XINTE ENERGY achieved operating income of 11.74 billion yuan, a decrease of 33.23% compared to the same period last year; the net loss attributable to shareholders of listed companies was 887 million yuan, compared to a profit of 4.759 billion yuan in the same period last year.