Chinese chemical manufacturer to raise $100m on London Stock Exchange

Through global depositary receipts

Chinese chemicals manufacturer Zhejiang Yongtai Technology is aiming to raise up to $100m in the London Stock Exchange through the offering of a global depositary receipt.

In a stock exchange notice, the company said the offering is expected to price no lower than $9.41 per GDR, with the final offer price determined based on a bookbuilding process which is expected to end today (5 July). A GDR is a type of bank certificate that represents shares in a foreign company and trades on two or more global stock exchanges. Shares of the foreign company trade as domestic shares where the company is located, but GDRs also allow international investors to access the market. Four graphs explaining...