Direct Drive Obtains CSRC Filing Notice for Overseas Securities Offering, Listing and Full Circulation
NewTimeSpace News: The Department of International Cooperation of the China Securities Regulatory Commission (CSRC) has issued a filing notice covering overseas securities offering, listing and full circulation to Direct Drive (Beijing) Technology Co., Ltd. The Company proposes to issue no more than 122,475,000 overseas-listed ordinary shares for listing on The Stock Exchange of Hong Kong Limited. Meanwhile, 34 shareholders intend to convert their aggregate holding of 319,588,080 domestic unlisted shares into overseas listed shares for trading on HKEX.
NewTimeSpace News: The filing documents submitted by Direct Drive (Beijing) Technology Co., Ltd. in respect of its overseas securities offering, listing and full circulation of domestic unlisted shares have been approved for filing by the Department of International Cooperation of the China Securities Regulatory Commission.
In accordance with the filing notice, the Company plans to issue a maximum of 122,475,000 overseas-listed ordinary shares and apply for listing on The Stock Exchange of Hong Kong Limited. Separately, 34 shareholders intend to convert a total of 319,588,080 domestic unlisted shares held by them into overseas listed shares, which will be admitted for trading on HKEX upon conversion.
The filing notice clearly stipulates that if the Company fails to complete the overseas offering, listing and share conversion procedures within 12 months from the date of issuance of the notice, it shall update all filing documents should it intend to continue the listing process.
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