The company added that it plans to consult relevant intermediaries to discuss plans for moving forward with the listing. However, it warned that details have not yet been finalised, and that “significant uncertainty” remains regarding the process.
Founded in 2001 in Shenzhen, the southern city bordering Hong Kong, GEM specialises in recycling batteries, electronic waste, scrapped cars, waste plastics and other materials. The company also produces materials for use in power battery manufacturing, positioning it as “a leading enterprise in the global new energy supply chain”, according to its website.
The company’s Hong Kong share issuance is slated for April, state media reported, citing sources familiar with the matter.
Shares of GEM rose 0.15 per cent on Tuesday to 6.54 yuan in Shenzhen.
