Slaughter and May, Hong Kong, advised China International Capital Corporation Hong Kong Securities Limited (“CICC”) and Citigroup Global Markets Limited (“Citi”) as the placing agents in relation to the placing of 50,000,000 shares of Wasion Holdings Limited (“Wasion”) by Star Treasure Investments Holdings Limited (the “Vendor”), and the subsequent subscription by the Vendor of the same number of new shares in Wasion. The Vendor is a company wholly owned by Mr. Ji Wei, the controlling shareholder of Wasion.
The placing (the “Top-up Placing”) completed on 27 April 2026, raising approximately HK$1.47bn (approximately US$188mn) for Wasion and representing approximately 4.8% of Wasion’s total issued shares after the Top-up Placing. Wasion intends to use the net proceeds from the Top-Up Placing for the development of its magnetic latching and HVDC business, domestic research and development and investment in smart manufacturing, expansion of overseas markets, acquisition of a company which is engaged in the business of the digitalization and intelligent development of energy management, repayment of bank borrowings and general working capital and general corporate purposes.
Wasion is a leading total solution provider of advanced metering, advanced distribution and energy efficiency management in China. Wasion has been listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX: 3393) since December 2005.
CICC is a licensed corporation under the Securities and Futures Ordinance (“SFO”) and is licensed to carry out Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 6 (advising on corporate finance) regulated activities.
Citi is a licensed corporation under the SFO licensed to carry out Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts), Type 6 (advising on corporate finance) and Type 7 (providing automated trading services) regulated activities.
Coleman Kam / Trainee Solicitor