Saturday, September 20, 2014   




Lender raises IPO target by 52pc

Grace Cao

Friday, December 06, 2013

China Everbright Bank raised its H-share initial public offering target by 52 percent to as much as HK$21.5 billion - making it Hong Kong's largest new listing this year.

The mainland lender is marketing its shares at between HK$3.86 and HK$4.30 each, and will open its retail book on Tuesday.

Everbright has failed in the past two years to float its shares on the local board. The mid-sized lender's capital adequacy ratio - though slightly above regulatory requirements as at September 30 - remains below the industry average.

In other action, China Cinda Asset Management - the second-largest IPO - is likely to price its shares at the top- end, or HK$3.58 each.

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The firm will start trading on Thursday.

Meanwhile, Kerry Logistics Network and econtext Asia - spinoffs of Kerry Properties (0683) and Tokyo- listed Digital Garage Group, respectively - open retail books today.

Kerry Logistics aims to raise up to HK$2.2 billion to fund business expansion and repay debt.

Managing director William Ma Wing-kai expects a consolidation in the mainland logistics industry, and said the firm will only consider expanding after such a revamp.

One board lot of 500 shares of Kerry Logistics costs HK$5,151.

Online payment firm, econtext Asia, hopes to raise up to HK$448.75 million through an IPO.

Each share is priced from HK$2.96 to HK$3.59, with one board lot of 1,000 shares costing HK$3,626.

Separately, Jintian Pharmaceutical Group's retail tranche was oversubscribed six times. It expects to start trading on Thursday.

Spring Real Estate Investment Trust (1426) and China Meidong Auto Holdings (1268) fell 16 percent and 4.4 percent from their listing prices on their trading debuts yesterday.


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