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Red Avenue subsidiary Zhongce Rubber to list on SSE

June 9, 2025 at 09:46 PM UTCBy FilingReader AI

Red Avenue New Materials Group (SSE:603650) announced that its equity-holding company, Zhongce Rubber Group Co., Ltd., is scheduled to list on the Shanghai Stock Exchange (SSE) Main Board on June 5, 2025, under the stock code 603049. The IPO price is set at CNY 46.50 per share. As of the announcement date, Red Avenue holds 70.2 million shares of Zhongce Rubber, representing 8.92% of its pre-issuance total share capital and 8.03% of the total share capital after the issuance. These shares are subject to a 12-month lock-up period. Red Avenue clarifies that its accounting treatment of the Zhongce Rubber equity investment will remain unchanged, and the listing and subsequent share price fluctuations will not materially impact the company's current period profits and losses.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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