Dream opening beckons for game publisher

Business | Avery Chen and Bloomberg 6 Dec 2018

Two newly listed companies failed to attract investors, trading lower than initial public prices, but one firm closed higher in the gray market before its main board debut.

China's mobile game publisher iDreamsky Technology (1119) closed at HK$6.88 in the gray market last night, 4.24 percent higher than its offer price of HK$6.6.

iDreamsky, backed by tech titan Tencent (0700), has raised HK$745.3 million in its Hong Kong initial public offering, with the offer price below the midpoint of its indicative price range of HK$6 to HK$7.8. It was 11.64 times oversubscribed.

Chinese-controlled coal miner Yancoal Australia (3668) saw a 3.96 percent decrease in its gray market price to HK$22.55 last night, compared with the offer price of HK$23.48. The Australia-listed company has raised HK$1.39 billion after pricing the IPO at the bottom of an indicative price range of HK$23.48 to HK$25.84, as the float got only 19 percent subscription.

Kaisa Property (2168), a spinoff of Kaisa Group (1638), traded 2.35 percent lower than its offer price of HK$9.38, closing at HK$9.16 in the gray market yesterday.

The property management provider put its offer price in the lower half of its indicative price range of HK$9.08 to HK$10.88, after receiving 19.44 times over-subscription. It has received HK$259.4 million.

AsiaInfo Technologies, the mainland telecom software product provider, launches its Hong Kong IPO today to raise HK$899 million to HK$1.16 billion.

AsiaInfo offers 85.65 million shares in a price range of HK$10.5 to HK$13.5. The minimum investment is HK$5,454.42 per lot of 400 shares.

Meanwhile, WuXi AppTec, a Shanghai-listed medical tech firm, told investors yesterday that it will price its Hong Kong IPO of up to HK$8.3 billion at the mid-to-high end of the indicative range of HK$64.1 to HK$71.5.

Grail, a cancer-testing startup backed by two of the world's richest men, Jeff Bezos and Bill Gates, is weighing a US initial public offering, possibly backing away from earlier plans to list in Hong Kong.

In February, it was reported that Grail was considering raising as much as US$500 million (HK$3.91 billion) in a Hong Kong listing.

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