Shandong flat in gray market ahead of debutBusiness | Janice Huang 8 Dec 2017
Shandong International Trust said its retail tranche was slightly oversubscribed by 0.06 times, and it priced its IPO at HK$4.56 per share.
It will use the net IPO proceeds to establish new subsidiaries.
Its shares will start trading today on board lot of 1,000 shares. Its share price closed 9.8 percent lower in gray market trading yesterday at HK$4.11.
Listing candidate Icicle Group Holdings said its retail tranche was oversubscribed 46 times. Its share price at 56 HK cents in the gray market yesterday, 1.82 percent higher compared with its offer price of 55 HK cents.
Meanwhile, AV Promotions Holdings is to start bookbuilding today. It plans to issue 100 million shares at an indicative price range of 40 HK cents to 60 HK cents. It expects to raise up to HK$60 million.
Chinese conglomerate Fosun International (0656) is in talks with banks to list its tourism business, including French resort chain Club Med. It hopes to raise at least US$500 million (HK$3.9 billion).
Fosun Tourism & Culture Group includes a Chinese joint venture with tour operator Thomas Cook Group and a luxury hotel in Hainan province, as well as Club Med.
Shanghai-based Fosun is considering spinning off the unit as early as next year and is likely to pick Hong Kong as the listing venue.
Fosun, co-founded by Chinese billionaire Guo Guangchang, was in the vanguard of China's global dealmaking spree over the past few years, snapping up assets including a Portuguese insurer, and stakes in Greek jewelry retailer Folli Follie and Cirque du Soleil.
The float of Fosun's tourism unit is one of several expected from China's largest dealmakers and seek to boost their finances. Last week, fellow conglomerate HNA said it was considering listing Gategroup, the Swiss airline caterer in Zurich next year and signaled it was looking at other asset sales.
Alpha Era International Holdings (8406), chaired by Huang Xiaodong, closed at 41 HK cents on its debut day, a 32 percent hike from its offer price of 31.5 HK cents.