China's Nongfu Spring shares set to open up 85% in Hong Kong debut

 China's Nongfu Spring shares set to open up 85% in Hong Kong debut 



Stock of Chinese bottled water and drinks producer Nongfu Spring Co Ltd 9633.HK is set to open at HK$39.80 per share in its Hong Kong debut on Tuesday, up 85.1% from the initial public offering (IPO) price of HK$21.50 each.To get more news about Nongfushanquan, you can visit en.nongfuspring official website.
The IPO was hotly contested with the retail component of the deal 1,148 times over-subscribed, with institutional demand 60 times over subscribed, according to documents lodged with the Hong Kong exchange.

Nongfu sold 388.2 million shares and five cornerstone investors, led by fund manager Fidelity, hedge fund Coatue and Singapore sovereign wealth fund GIC, took stock in the deal.
“This cooperation will allow polycarbonate barrels in the packaged drinking water industry to be recycled, revived and restructured for use in the electronics, home appliances and automotive industries so as to promote the sustainable use of polycarbonate materials,” said Zhou Li, Secretary of the Board of Directors of Nongfu Spring. “Nongfu Spring will continue to work with all partners in the recycling industry chain and we hope to promote the sustainable and healthy applications of plastic materials.”
Zhao Kai, Vice President and Secretary-General of the China Association of Circular Economy, said: “Materials recycling is an important part of the circular economy and it should not be ignored. The cooperation between Nongfu Spring, Covestro and Ausell enables high-end applications of recycled plastics, and it is a good example of the closed-loop recycling system in China.”

As part of its strategy to promote the circular economy, Covestro joined the Alliance to End Plastic Waste as a founding member early last year. The worldwide company network aims to minimize the impact of plastic waste on the natural environment while promoting multiple post-use solutions for plastic. Last year, Covestro also joined the new Circular Plastics Alliance to promote plastic recycling in Europe by working with relevant businesses and organizations.

Covestro is looking to work with as many partners as possible to build a new recycling value chain and find the best solutions for the circular economy. The cooperation with Nongfu Spring and Ausell represents yet another step to forge ahead with the initiative in China.

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