Certain A Shares of Hengsheng Energy Co., Ltd are subject to a Lock-Up Agreement Ending on 20-AUG-2023.
August 19, 2023
Share
Certain A Shares of Hengsheng Energy Co., Ltd are subject to a Lock-Up Agreement Ending on 20-AUG-2023. These A Shares will be under lockup for 737 days starting from 13-AUG-2021 to 20-AUG-2023.
Details:
Holding shareholder and actual controller Yu Guoxu and actual controllers Yu Heng and Yu Dukang have committed that within 36 months after the listing date, they shall not transfer nor entrust to others for management direct or indirect shares in the company held prior to this issuance, nor allow the company to repurchase the said shares. If the closing price of the company?s share is lower than the issue price for 20 consecutive trading days within 6 months after listing, or if the closing price of the company?s share is lower than the issue price for the period ending six months after listing, then the lockup period shall automatically be extended for 6 months. During the term of office as the company?s director, member of supervisory board, senior management personnel, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company.
Actual controller Du Shunxian and relative of actual controller Yu Guosheng have committed that within 36 months after the listing date, they shall not transfer nor entrust to others for management direct or indirect shares in the company held prior to this issuance, nor allow the company to repurchase the said shares. If the closing price of the company?s share is lower than the issue price for 20 consecutive trading days within 6 months after listing, or if the closing price of the company?s share is lower than the issue price for the period ending six months after listing, then the lockup period shall automatically be extended for 6 months.
Other members of the board of directors, members of supervisory board, senior management personnel with shareholding have committed that within 12 months after the listing date, they shall not transfer nor entrust to others for management direct or indirect shares in the company held prior to this issuance, nor allow the company to repurchase the said shares. If the closing price of the company?s share is lower than the issue price for 20 consecutive trading days within 6 months after listing, or if the closing price of the company?s share is lower than the issue price for the period ending six months after listing, sthen the lockup period shall automatically be extended for 6 months. During the term of office as the company?s director, member of supervisory board, senior management personnel, the number of shares in the company transferred each year shall not exceed 25% of the total shares held in the company.
Hengsheng Energy Co Ltd is a China-based company engaged in cogeneration of heat and power. The Company operates two major product segments: The Coal-Fired Cogeneration segment and The Biomass Hotspot Cogeneration segment. The Company is engaged in the combined heat and power business in the planned heating area, and its main products are steam and electricity. The Company uses coal and biomass as raw materials to produce steam and electricity through cogeneration. The steam is mainly supplied to papermaking, textile printing and dyeing, furniture manufacturing, food emulsion and other enterprises in the industrial park. The electricity produced is mainly sold to end users of the State Grid. The Company distributes its products within the domestic market.