December 19, 2012, China International Marine Containers (Group) Ltd. (The A-share stock code 000039, the original B-share stock code 200039 , "CIMC" )successfully implemented its plan of changing listing location and listing and trading on the main board of Stock Exchange of Hong Kong Limited("SEHK") through introduction of domestically listed foreign shares (B-shares) ("B to H"). The issued 1,430,480,509 B-shares were totally converted into H-shares and listed and traded on the main board of SEHK at 9 a.m on the same day. The H-shares opening price was up to HKD 12.6 per share, the closing price up to HKD 11.22 per share, increasing 15% compared with the B-share price of the last day and reflecting the market acceptance of CIMC and its B to H plan.
This is the first B to H case in the global capital market where the issued B-shares had been directly shifted into H-shares and listed on SEHK, receiving enormous repercussions and highly attention from domestic and overseas markets and media. It sets many operation precedents and has significant demonstration effect for the B-share companies to solve the crucial problems such as underestimation, low turnover and loss of refinancing function. This is also the first successful practice of the State Council of China and China Securities Regulatory Commission in exploring the relevant policies to thoroughly solve the B-share company's problems and significantly promoted the rulemaking and legislation in the relevant fields.
Founded in 1992, CIMC is a leading enterprise in the industries of container, logistics and storage & transportation equipment, special vehicle and registration equipment in China and also worldwide leading provider of ocean shipping logistics equipments and resolution. It became the largest worldwide container production enterprises in 2011. Completing its IPOs both in A-share and B-share markets in January 1991, CIMC, with 2,662,396,051 shares comprising 1,231,915,542 A-shares and 1,430,480,509 B-shares, was a A-share and B-share full circulation corporation before B to H.
Jingtian & Gongcheng acted as the underwriter's lawyer.
