Heavyweights go for E-House

Business | Tracy Hu 10 Jul 2018

Real estate services firm E-House Enterprise Holdings, which is to raise up HK$5.7 billion, has attracted heavyweight investors including Henderson Land Development (0012) vice chairman and deputy general manager Peter Lee Ka-kit.

Lee has subscribed for HK$300 million worth of shares while a unit of Alibaba was reported to have invested US$50 million (HK$390 million).

The Shanghai-based company is backed by the country's biggest developers including China Evergrande (3333) , China Vanke (2202), and Country Garden Holdings (2007), each of which owns 15 percent of the company prior to the planned deal.

E-House will open its retail book today, offering 322.8 million shares at HK$14.38 to HK$17.68 per share. One board lot of 300 shares costs HK$5,304. Trading will debut on July 20.

China International Capital Corp and Credit Suisse Group AG are joint sponsors.

Ziyuanyuan Holdings (8223), a finance leasing service provider to small and medium enterprises, made a debut yesterday on the GEM board and saw its share price close at HK$1.57. This is compared to its IPO price at HK$0.76, up 106.58 percent. Investors made a paper gain of HK$3,240 on one board lot of 4,000 shares.

A total of approximately 36.6 million shares were traded, with an aggregate turnover of HK$55.12 million.

Meanwhile, Redsun Properties Group yesterday said it will price its IPO at HK$2.28 per share, close to the lower limit of its offer price range between HK$2.18 to HK$3.18, according to market sources. Proceeds raised are expected to reach HK$1.82 billion.

Trading of Redsun Properties is set to begin on the main board this Thursday.

In yesterday's gray market, Bank of Jiujiang (6190) dropped 0.38 percent from to HK$10.56, compared with its IPO price of HK$10.60. Ocean Line Port Development Limited (8502), which debuted on the GEM board today, rose 1.32 percent to HK$0.385.

Ocean Line Port Development yesterday said it has raised a net proceed of HK$50.3 million and priced its IPO at HK$0.38.

Bank of Jiu Jiang last week closed its retail book and said it has raised HK$3.67 billion. Only 28 percent of its shares issued in Hong Kong were subscribed.

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