Rongye Foods successfully conducted its initial public offering of American Depositary Shares through its subsidiary in mainland china, totaling 2.05 million shares at a price of $4.00 each.
According to the Zhitong Finance APP, meat processing company Rongye Foods (WYHG.US) conducted its initial public offering of American Depositary Shares (ADS) through its subsidiary in mainland china, totaling 2.05 million shares at a price of $4.00 each, and will be listed on nasdaq. This issuance is expected to start trading on November 26, 2024, with the stock code "WYHG", and may issue up to 307,500 additional ADS through underwriter's over-allotment option, with an expected total fundraising amount of up to $8.2 million. The entire issuance process is expected to be completed around November 27. The funds will mainly be used for production line upgrades and expansions, marketing, new product development, as well as daily operation and general corporate affairs.
Rongye Foods stated that the funds raised from this issuance will mainly be used in four major areas: first, to upgrade existing production lines to improve production efficiency and quality; second, to establish new production lines to expand capacity and product lines; third, to strengthen marketing and promotion activities to enhance brand awareness and market share; and fourth, to invest in new product research and development to maintain market competitiveness. In addition, part of the funds will also be used for the company's working capital and general corporate affairs to ensure the company's stable operation and sustainable development.