沃尔核材(09981.HK)拟全球发售约1.40亿股H股 预计2月13日上市

Core Viewpoint - The company,沃尔核材, plans to globally offer approximately 140 million H-shares, with a maximum offer price of HKD 20.09 per share, aiming to raise around HKD 2.7336 billion for various strategic initiatives [1][4]. Group 1: Share Offering Details - The company will issue approximately 14 million shares in Hong Kong and around 126 million shares internationally, with the offering period from February 5 to February 10, 2026, and expected trading to commence on February 13, 2026 [1]. - The underwriting is led by CITIC Securities International and China Merchants Securities International [1]. Group 2: Business Overview - The company's main business segments include electronic communication (communication cables and electronic materials), power transmission (electric vehicle power transmission products and cable accessories), and other businesses like wind power generation [1]. - The sales of heat shrink materials constitute a significant portion of the electronic materials revenue [1]. Group 3: Market Position - According to Frost & Sullivan, the company ranks fifth among global communication cable manufacturers with a market share of 12.7% and holds the top position in the global heat shrink materials industry with a market share of 20.6% [2]. - The company ranks ninth in the global electric vehicle power transmission products sector with a market share of 1.9% and seventh in the global cable accessories market with a share of 2.5% [2]. Group 4: Cornerstone Investment - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for approximately USD 124.3 million (or HKD 968.9 million) worth of shares, totaling around 48.23 million shares at the maximum offer price [3]. - Notable cornerstone investors include HHLR Advisors, Shanghai Jinglin, and Huatai Capital Investment, among others [3]. Group 5: Use of Proceeds - The estimated net proceeds of approximately HKD 2.7336 billion will be allocated as follows: about 45% for product diversification and upgrades, 27% for expanding global operations and increasing capacity in China and Malaysia, 18% for potential strategic investments or acquisitions, and 10% for working capital and general corporate purposes [4].