A-Living 19 times oversubscribed

Business | Janice Huang 9 Feb 2018

Mainland property management services provider A-Living Services priced its shares at the middle of the offer price range, and saw its retail tranche oversubscribed 19 times.

The final offer price is HK$12.3, and the company, which is the real estate management services unit of Chinese property provider Agile Group Holdings (3383), raised net proceeds of HK$3.9 billion from the public offering.

It will use about HK$2.5 billion for strategic investment and acquisitions, around HK$392 million will be used to further develop its one-stop service platform. It will debut today.

Shares in the gray market yesterday declined 11.7 percent.

Meanwhile, Dragon Rise Group Holdings (6829) closed only 3.75 percent higher on its debut, despite surging over 20 percent in morning trading.

Shares closed at 41.5 HK cents, compared to the offer price of 40 HK cents. Investors will earn f HK$150 on one board lot of 10,000 shares.

Hong Kong actress Candice Yu On On attended the listing ceremony yesterday to support Dragon Rise, saying she planned to subscribe to the company's shares, but it was very difficult to get one board lot, as the construction firm's retail tranche was oversubscribed 1,680 times.

Elsewhere, mainland China's Jiangxi Bank may speed up its Hong Kong IPO plan, according to mainland media. It said the bank is expected to file the listing application to the SAR bourse this year.

Another mainland company, Tencent Holdings (0700)-baked LY.com, one of China's largest ticketing websites, was reported to be planning to list in Hong Kong, raising about HK$4.69 billion. However, mainland media reported later yesterday that the company has denied the IPO plan, saying it has no specific plan or time for an IPO.

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