Landscape firm targets $357m in IPOBusiness | Koey Yip Mar 21, 2017
Chanhigh plans to issue 150 million shares, raising HK$357 million at most. Offering price is set between HK$1.88 and HK$2.38.
Given that the board lot size is 2,000 shares, the minimum investment is about HK$4,808.
The firm revealed that 62 percent of proceeds is to be spent on acquiring or establishing joint ventures with two landscape construction companies in Central China and the Pearl River Delta.
Luzhou Xinglu will issue 210 million H shares, while 10 percent are offered to local investors.
Its offering price ranges from HK$2.30 to HK$2.53, aiming to raise up to HK$531 million. Minimum investment is about HK$2,555 as the board lot size is 1,000 shares.
The firm will spend 30 percent of proceeds on constructing new tap water supplies and wastewater treatment facilities while another 30 percent will be spent on repaying loans.
Both firms will close their retail books on Friday, and be listed on March 31.
Separately, The Stock Exchange of Hong Kong published its Listing Committee Report 2016. It said it will continue to review the Listing Document Simplification Guide and the Growth Enterprise Market in 2017.
"We have placed tremendous focus on the quality and reputation of the exchange's markets, covering primarily areas around shell companies, backdoor listing and capital raising of listed issuers," said Stephen Taylor, chairman of the Listing Committee.