CR Construction Group Holdings Limited announces its subscription results Recorded approximately 8.87 times of over-subscription for its public offer

HONG KONG, CHINA – Media OutReach – 15 October 2019
– CR Construction Group Holdings Limited
(“CR Construction”, together with its subsidiaries, the “Group”; stock
code: 1582.HK), the third largest main building contractor in Hong Kong in 2018 [1] , is
pleased to announce the subscription results for its shares under the public
offer (the “Public Offer”) and placing (the “Placing”, collectively , the ” Share Offer”) . The S hares
under the Public Offer have been significantly over-subscribed by approximately
8.87 times. The o ffer
p rice per Share has been set at HK$1.0 per Share.
Dealings in the S hares on the Main Board
of The Stock Exchange of Hong Kong Limited (“SEHK”) is expected to commence on 16
October 2019 (Wednesday).

�

A
total of 138,850,000 shares are offered under the Share Offer , of which 124,965,000 Shares, or 90%, are offered by way
of Placing; while the remaining 10%, or 13,885,000 Shares, are offered under
the Public Offer. Based on the final offer price of HK$1.0 per Share, the net
proceeds from the Share Offer to be received by the Company (after deducting
underwriting commissions and estimated expenses in connection with the Share
Offer) is estimated to be approximately HK$96.3 million.

 

CR Construction
intends to use these net proceeds for the following purposes: 1) approximately
87.3% will be used for financing the upfront costs for potential new building
construction works and RMAA works projects; 2) approximately 8.0% will be used
in strengthening manpower; and 3) approximately 4.7% will be used in enhancing
information technology.

 

First Shanghai Capital Limited is the
Sole Sponsor, while First Shanghai Securities Limited, Zhongtai International
Securities Limited, First Capital Securities Limited, Guotai Junan Securities
(Hong Kong) Limited and Haitong International Securities Company Limited are
the Joint Bookrunners and the Joint Lead Managers. Livermore Holdings Limited,
CVP Securities Limited and Zinvest Global Limited are the Joint Lead
Managers.  

 

Mr. GUAN
Manyu, Chairman and executive Director of the Group, said, “We
believe that the result of the Share Offer has affirmed market’s recognition of the Group’s business and
confidence in our future prospects. We are
honoured that investors have shown great support to
the Group. Listing on the Main Board of SEHK enables the Group to further strengthen our industry position , enhance our brand recognition and capture
greater market share in the local construction
industry.”

About CR Construction Group Holdings Limited

Established in 1967, the Group is one of the leading building
contractors in Hong Kong with over 50 years of experience. The Group
principally acts as a main contractor in building construction works and RMAA
works projects across public and private sectors in Hong Kong. According to the
CIC Report, it ranked the third among all main contractors in Hong Kong in
terms of revenue from building construction works for the year ended 31
December 2018 with a market share of approximately 5.2%.