Weimob remains confident on its IPO

Business | Bloomberg and Avery Chen 4 Jan 2019

Weimob, the cloud-based commerce and marketing solutions provider backed by Tencent (0700), said it is confident about the response to its initial public offering as analysts gave a valuations discount earlier and the international placing reacted well, chairman Sun Taoyong said.

Weimob aims to raise up to HK$1.05 billion and set its targeted IPO price range between HK$2.8 and HK$3.5, with a minimum investment of HK$3,535.27. It is expected to list on the main board on January 15.

Meanwhile, food retailer Best Mart 360 was 2.7 times oversubscribed in the retail tranche with margin financing.

Shanghai Youhug Media, a Chinese television drama studio, is planning an initial public offering that could raise at least US$100 million (HK$783.22 million).

The production company is considering selling shares in Hong Kong as soon as this year, people with knowledge of the matter said.

Youhug Media produced the 2013 hit Prince of Lanling, a historical drama about an ancient general that starred Taiwanese actress Ariel Lin. It is seeking a listing as China tightens its grip on cultural output, with regulators seeking to cap actors' pay following a probe into tax evasion.

An official at Youhug Media declined to comment.

Entertainment and broadcasting companies listed in Hong Kong have fallen an average 39 percent over the past year, compared with an 18 percent decline in the benchmark Hang Seng Index. STX Entertainment, a US filmmaker backed by Tencent, said in October it is shelving its Hong Kong IPO due to difficult conditions.

Zhejiang Cangnan Instrument (1743), an industrial and commercial gas flowmeter manufacturer, was priced lower than the midpoint of its indicative IPO price range at HK$15.8 after receiving 2.32 times oversubscription.

China Kepei Education Group, a provider of private higher education, plans to start pre-marketing for a Hong Kong IPO of about US$100 million to US$150 million. Weigang Environment Technology (1845), the first newly listed firm in 2019, closed 2.3 percent higher than its IPO price at HK$0.9 yesterday.

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