Tea firm leaves rest behind

Business | Janice Huang 17 Apr 2018

Hong Kong-based Chinese tea-leaves retailer Ying Kee Tea House Group (8241) closed 33 percent higher at 72 HK cents on its debut yesterday. The shares once soared 125 percent.

Meanwhile, Xiaomi reportedly will file a listing application to Hong Kong exchange as soon as May. It will be among the first batch of companies with dual-class shares to go public in the city, targeting a valuation of about US$100 billion.

The Beijing-based electronics and software giant has also picked Citic Securities to handle its issuance of Chinese depository receipts. The CDRs are expected to come after the Hong Kong IPO. The size has not yet been decided.

Separately, Ping An Good Doctor, the medical service app backed by Ping An Insurance (Group) Company of China (2318), plans to start its roadshow next Monday, and aims to price its shares next Friday.

The Chinese health-care app is seeking an HK$7.8 billion IPO in Hong Kong, and will debut on May 4.

Meilishuo, an online fashion retailer backed by Tencent Holdings (0700), is in talks with several investment banks about an IPO in the United States that could value the startup at about US$4 billion.

The women-focused online retailer, founded in 2009, hosted a bake-off to discuss IPO prospects with potential advisers and underwriters.

In other IPO action, Tianjin Tianbao Energy opened its retail book yesterday.

The company, which is the sole power operator in Tianjin Port Free Zone, is issuing a total of 38.54 million shares in an indicative price range of between HK$1.74 and HK$1.9.

With one board lot of 2,000 shares, the minimum investment is HK$3,838. Trading of its shares will start on April 27.

Several newly listed shares dropped. Most Kwai Chung (1716) slumped 9.75 percent and B & S International Holdings (1705) fell 8.17 percent yesterday.

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