Xiaomi to offer dual-class shares

Business | Janice Huang 12 Jan 2018

Beijing-based electronics and software company Xiaomi will reportedly be among the first batch of companies that will offer dual-class shares when they go public in Hong Kong.

The company, one of China's largest technology firms, will soon choose its IPO sponsors after meeting several investment banks during the Christmas holiday.

It has reportedly decided to make its debut in Hong Kong toward the end of this year, but it has yet to give a specific timeline.

Meanwhile, Chinese conglomerate Fosun International (0656) has tapped CITIC CLSA, Citigroup and JPMorgan Chase & Co to handle the Hong Kong IPO of its travel arm, which seeks to raise over US$500 million (HK$3.9 billion), according to media reports, citing people familiar with the matter.

In other IPO action, shares of Wine's Link International Holdings and Excalibur Global Financial Holdings will start trading in Hong Kong today.

Wine's Link International priced its IPO at 75 HK cents per share, at the high end of the 55 HK cents to 75 HK cents indicative range. It raised a net of HK$64.2 million from its public offering after its retail tranche was oversubscribed 12.5 times. Its share price closed at 83 HK cents in the gray market yesterday, 10.67 percent higher than its offer price.

Excalibur Global Financial said its IPO was oversubscribed 8.08 times. It raised HK$49.6 million net from its public offering. Its share price closed in the gray market at 42 HK cents, up 5 percent from the offer price of 40 HK cents per share.

Elsewhere, IMS Group Holdings opened retail book yesterday. It will issue 250 million shares at an indicative 20 HK cents to 40 HK cents price range. One board lot of 10,000 shares costs HK$4040. It will make its debut on January 16.

Infants and toddlers' clothing and accessories maker Mansion International Holdings and furniture seller Tree Holdings are to start bookbulding today.

Mansion International plans to issue 100 million shares between 62 HK cents and 78 HK cents per share. Investors need to fork out HK$3,151 for a board lot of 4,000 shares. Its shares will start trading on January 26.

Tree Holdings will issue 396 million shares between 13 HK cents and 17 HK cents per share.

One board lot of 20,000 shares costs about HK$3,400. It will make its debut on January 25.

Tree Holdings executive director Tsui Wing-tak said the company plans to open three new stores, one each in Yuen Long, Kowloon Bay and Central.

The company has its own online platform, but it only covers local business. It plans to expand its online business to North America and mainland China, as well as partner with more distributors.

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