Red Avenue New Materials Nears Hong Kong IPO With Post-Hearing Information Pack

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Red Avenue New Materials (SHA:603650) published its post-hearing information pack draft for its secondary share offering on the Hong Kong bourse, according to a Friday disclosure to the Shanghai Stock Exchange.

The publication indicates the Chinese new materials provider has passed its listing hearing for the H-share offering.

Proceeds from the Hong Kong share offering will be used to boost research and development, upgrade and maintain production facilities, fund investments, repay bank loans, expand market presence, and add to working capital.

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