IPOs still lining up amid soft patch

Business | Janice Huang 28 Jun 2018

Mainland inland terminal operator Ocean Line Port Development yesterday started book building as it issued 200 million shares.

It set the indicative price for its public offering at between 38 HK cents and 42 HK cents per share. One board lot of 8,000 IPO shares costs a minimum investment of HK$3393.

Trading of its shares will start on July 10. Alliance Capital Partners is the sole sponsor.

Meanwhile, Chinese live streaming platform Inke has obtained the green light from local regulators for its proposed IPO in Hong Kong.

The company, valued at 10 billion yuan (HK$11.89 billion), plans to issue 302 million shares at an indicative price range of between HK$3.85 and HK$5.0 per share. It aims to raise up to HK$1.5 billion.

It is expected to make its debut on July 12. Chairman and chief executive Feng Yousheng said he takes a positive view of the Hong Kong IPO market and the company has no plans to postpone its listing.

The company has tapped CICC, Citibank and Deutsche Bank AG as joint sponsors.

Qeeka Home, an interior design and construction online platform backed by Baidu, has aborted its planned IPO in Hong Kong, citing negative market sentiment. It originally planned to make its debut in the local market on July 5 and it aimed to raise up to HK$2.1 billion.

Elsewhere, Tianli Education International Holdings gained approval to list on the local bourse. It plans to issue 500 million shares at an indicative price range of HK$2.26 to HK$2.66, and it hopes to raise up to HK$1.3 billion, according to market sources.

It has reportedly tapped Value Partners (0806) and Greenwoods Asset Management as cornerstone investors which have agreed to subscribe to US$10 million and US$20 million worth of shares, respectively.

Overseas Chinese Town (Asia) Holdings (3366) said yesterday that it would subscribe to no more than 230 million yuan worth of Tianli Education shares.

In other IPO action, airline ticket distributor Cteh said the retail tranche of its IPO was oversubscribed 191 times. It priced its public offering at 36 HK cents per share. It raised HK$49.7 million from the public offering. The company will use 43.2 percent of the IPO proceeds to repay bank loans. It will start trading its shares today. Its share price rose 16.7 percent in the gray market yesterday.

Fusen Pharmaceutical Co, a Henan-based producer of medicine for colds, will sell 200 million shares in Hong Kong. It set the indicative price of its public offering at between HK$2 to HK$3 per share.

One board lot of 1,000 shares costs HK$3,030.

Hong Kong billionaire Richard Li is reportedly looking at listing in the local bourse his insurance firm, FWD Group, in a few years.

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