Demand before listing lays solid foundation

Business | Janice Huang and Reuters 8 Feb 2018

Shares of Dragon Rise Group Holdings were oversubscribed 1,680 times as the construction firm priced them at 40 HK cents -- the upper limit of the price range as it headed to the start of trading today.

The demand means Dragon Rise will have HK$96.1 million in net proceeds.

And restaurant chain JIA Group, which also makes a trading debut today, saw its retail tranche oversubscribed 84 times.

With an offer price of 30 HK cents net proceeds for JIA will reach HK$13.6 million.

Meanwhile, the venture capital arm of China's largest insurer, Ping An, aims to raise up to US$1.3 billion (HK$10.1 billion) in two healthcare-focused funds that will seek growth-stage and pre-IPO investments.

Ping An Ventures was set up in 2012 and focused on early-stage investments in its first few years. The new funds will deepen a push into the health-care sector and build up its muscle for later-stage investments at a time when valuations in the fast-growing tech and health=care industries have spiked.

The venture capital firm aims to raise from US$300 million to US$500 million in a US dollar-denominated fund and from 4 billion yuan (HK$4.98 billion) to 5 billion yuan in a yuan fund. They would primarily drive investment in health-care start-ups at home and overseas.

Ping An Ventures, whose investments include ride-hailing firm Didi Chuxing, has already tapped prospective investors, including wealth management firms and institutional investors, with fundraising likely to be completed within this year.

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