HK Stock Market Move | ASCENTAGE-B (06855) rose more than 3% and plans to make an initial public offering of 7.32 million American depositary shares.

ASCENTAGE-B (06855) rose more than 3%, as of the time of writing, it was up 3.23% at HK$39.95, with a turnover of HK$16.65 million. On the news front, ASCENTAGE-B announced the latest progress on the proposed initial public offering of American depositary shares. According to the final terms of the underwriting agreement, the company will issue 7.325 million American depositary shares, with each ADS representing 4 ordinary shares of the company. In addition, on January 21 (Eastern Time), the company publicly filed an amended Form F-1 registration statement with the SEC for the proposed IPO, which is not yet effective. Previously, ASCENTAGE-B announced its intention to apply for the listing of American depositary shares on the Nasdaq Global Select Market (or Nasdaq), under the symbol "AAPG". The number of American depositary shares to be offered and the proposed offering price range have not been determined. The offering price of the company's ADS will be based on the closing price of the company's ordinary shares on the trading day before the pricing date on the Hong Kong Stock Exchange, taking into account current market conditions and after consultation with the underwriters. For clarity, the offering price shall not be discounted by 20% or more from the reference price of the company's ordinary shares as specified in Rule 13.36(5) of the Listing Rules.