New stock news | Mu Xi shares (688802.SH): The company plans to make its initial public offering of H shares and apply for listing on the Hong Kong Stock Exchange Main Board.

On June 12th, Muxi Corporation (688802.SH) held its 25th board meeting to review and approve the proposals regarding the company's initial public offering of H shares and listing on the Main Board of the Hong Kong Stock Exchange, as well as the related schemes. In order to meet the needs of business development, enhance governance level and core competitiveness, and further promote globalization strategy, the company plans to issue overseas-listed foreign shares (H shares) and apply for listing on the Main Board of the Hong Kong Stock Exchange. The initial offering size for this issuance and listing is as follows: the number of H shares to be issued shall not exceed 5% of the total enlarged share capital immediately following the issuance (prior to the exercise of the over-allotment option), and the overall coordinator/global coordinator shall be granted an over-allotment option not exceeding 15% of the initial H share issuance size. The final number and proportion of H shares to be listed (including whether the over-allotment option will be exercised) will be based on the actual issuance situation determined by the Company's Board of Directors following the relevant legal, regulatory processes. The proceeds from this issuance, after deducting issuance expenses, are intended to be used for purposes such as: research and commercialization of new generation general-purpose GPU products, MXMACA software ecological construction, industry chain investments and mergers, marketing and sales system development, supplementary working capital for daily operations, and other general corporate purposes. The final use of funds will be determined by the Shareholders' Meeting authorizing the Board of Directors or individuals authorized by the Board of Directors in accordance with legal requirements, regulatory approvals (including but not limited to the China Securities Regulatory Commission/Hong Kong Stock Exchange and/or Securities and Futures Commission of Hong Kong), and the Company's current and future funding needs. The Company stated that it will fully consider the interests of existing shareholders and the situation of the domestic and overseas capital markets, and will opportunistically complete the issuance and listing within the effective period of the shareholder resolution (i.e. within 24 months from the date of approval by the Shareholders' Meeting) or any other extension period agreed upon by the shareholders.