dougpolkvideos| The official announcement of "Coupon Mao" is terminated!

May 10thDougpolkvideosOriental Fortune (300059) announced that it plans to terminate its plan to issue global depositary receipts (hereinafter referred to as "GDR") overseas and list on the Swiss Stock Exchange.

As early as October 31, 2022, Oriental Wealth plans to issue GDR and apply for listing on the Swiss Stock Exchange. It is the first A-share securities company to enter the Swiss Stock Exchange.

"the termination of overseas GDR issuance is a prudent decision after fully weighing various factors." Oriental Fortune said that in view of the changes in the internal and external environment and other factors, the company decided to terminate the overseas issuance of GDR after careful demonstration and study.

Since the beginning of this year, seven companies have announced the termination of the GDR issuance process. So far, 23 A-share companies have issued GDR in Europe, of which 6 are listed in the UK and 17 in Switzerland.

Nearly a year and a half later, Oriental Wealth terminated the GDR offering plan.

On the evening of October 31, 2022, Oriental Wealth announced plans to issue global depositary receipts (GDR) and apply for listing on the Swiss Stock Exchange.

According to the announcement at that time, the funds raised by Oriental Wealth will be used to expand and extend wealth management products and services, increase cooperation and investment in R & D technology, increase capital of subsidiaries and construction of overseas branches, meet daily business development needs, supplement liquidity, etc., in order to further improve the overall wealth management service capacity and consolidate and enhance the company's market position.

The latest announcement of Oriental Fortune shows that as of the date of disclosure of the announcement on May 10, the above GDR listing has been conditionally approved by the Swiss Stock Exchange Regulatory Authority.

Nearly a year and a half later, Oriental Wealth decided to end its plan to issue GDR abroad and list on the Swiss Stock Exchange. According to the latest announcement of Oriental Fortune, the company has held the 12th meeting of the sixth Board of Directors and the 10th meeting of the sixth Board of Supervisors to consider and pass the "Bill on terminating the overseas issue of Global Depositary receipts."

As for the reasons for terminating the issuance of GDR, Oriental Fortune said that in view of the changes in the internal and external environment and other factors, the company decided to terminate the overseas issuance of GDR after careful demonstration and study in the light of the actual development.

"the termination of overseas GDR issuance is a prudent decision after fully weighing various factors. The termination of the overseas issuance of GDR will not have a significant adverse impact on the company's operation and sustainable development, and there will be no harm to the interests of the company and all shareholders. " Oriental Wealth said.

23 listed companies have gone to Europe to issue GDR

In recent years, with the continuous deepening of the higher level of institutional opening up of China's capital market, issuing GDR has gradually become an important way for Chinese enterprises to enter the overseas capital market. GDR, whose full name is Global Deposit Receipt, refers to the global depositary receipts issued by enterprises through channels connected with exchanges at home and abroad.

On October 12, 2018, the Securities Regulatory Commission issued the regulations on the interconnection of Depositary receipts between the Shanghai Stock Exchange and the London Stock Exchange (for trial implementation), formally establishing a mechanism for the interconnection between the Shanghai Stock Exchange and the London Stock Exchange (referred to as "Shanghai-London Stock Exchange"). In June 2019, the "Shanghai-London Stock Connect" was officially opened to traffic.

In February 2022, the Securities Regulatory Commission issued the regulations on the Supervision of the Business of Depositary receipts for Interconnection of domestic and Foreign Stock exchanges, and the Shanghai and Shenzhen exchanges issued supporting rules in March of the same year. As a result, the "Shanghai-London Stock Connect" is advanced to "China Europe Link". The listing place of GDR has expanded from the London Stock Exchange to the stock exchanges including Switzerland and Germany, and the scope of listed companies has also expanded from the Shanghai Stock Exchange to the Shenzhen Stock Exchange.

Wind data show that so far, the number of A-share companies issuing GDR in Europe has reached 23, including 6 listed on the London Stock Exchange (including Huatai Securities (601688), China Pacific Insurance (601601), etc.), and 17 listed on the Swiss Stock Exchange (including Xingyuan Materials (300568), Green Mei (002340), etc.). Due to the advantages of policy support, high valuation and short review time, going to the Swiss Stock Exchange has become the choice for most A-share companies to list overseas.

In the securities industry, Huatai Securities is the only listed securities firm that has issued overseas GDR. In June 2019, Huatai Securities completed its GDR offering on the London Stock Exchange, becoming the first Chinese company to enter the London Stock Exchange under the Shanghai Luntong Stock Exchange at that time.

However, since the beginning of this year, seven companies including Oriental Fortune, Yirui Technology, China Kechuangda (300496), Sany heavy Industry (600031), Sichuan Road and Bridge (600039), Dongpeng Beverage and Foster (603806) have announced the termination of the GDR issuance process. As for the reasons for terminating the issuance of GDR, most companies mentioned in the announcement that the reasons are mainly due to changes in the internal and external capital market environment, as well as the company's operating conditions, capital demand and other factors.