04:42 PM EDT, 04/13/2018 (MT Newswires) -- Changfeng Energy (CFY.V) shares ended Friday at an intra-day low of $1.07, for a 1.8% loss from the previous close, then the Chinese energy service provider said after market hours that it is planning to complete its public offering on The Stock Exchange of Hong Kong within the year.
According to the company, in anticipation of the IPO, its management team has been working to restructure Changfeng's project portfolio to spin off poor performing assets and reinvest capital into projects that are already or soon to be generating profits and cash flows. This initiative has resulted in the company divesting its stake in the Pingxiang project.
Changfeng also said that it is working with a consultant firm in Hong Kong to help the company meet the requirements of the HKEX, and has engaged another consultant for the IPO.
The IPO in Hong Kong will further enhance the company's profile, which will broaden its investor base, increase stock liquidity, and allow it to access investors in the Chinese market, Changfeng said.
Price: 1.07, Change: -0.02, Percent Change: -1.8