CNGR Advanced Material (02579.HK): Proposed Change in Use of Proceeds from Global H‑Share Offering

NewTimeSpace News: On August 24, 2026, CNGR Advanced Material (02579.HK) announced its proposal to adjust the use of proceeds from the global H‑share offering. As at 30 June 2026, the net proceeds from the global offering stood at approximately HK$3.433 billion, of which around HK$1.666 billion had been utilised, leaving an unutilised balance of about HK$1.767 billion. Of the roughly HK$1.201 billion originally earmarked for the Korean Phase‑I project, approximately HK$438 million will be reallocated to the Kaiyang Phosphate Mine Project and HK$763 million to the Phase‑III Phosphorus‑based Integrated Industry Project (Phases 1‑3).

CNGR Advanced Material stated that driven by structural shifts in the global power‑battery sector, lithium‑iron‑phosphate batteries have become the primary contributor to market growth, with overseas demand for phosphorus‑based materials surging. The Company believes market conditions for the Korean Phase‑I project have changed compared with the original planning. It will suspend progress on this project for the time being and prioritise capital deployment toward phosphorus‑related projects with higher certainty and synergistic benefits.

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