Dongzheng kicks off $3.36b drive

Business | Reuters and Avery Chen 14 Mar 2019

Shanghai Dongzheng Automotive Finance, a spin-off of China Zhengtong Auto Services (1728), launches a Hong Kong initial public offering of up to HK$3.36 billion today. The firm plans to issue 533.3 million shares at an indicative price range between HK$4.2 and HK$6.3, with the minimum investment HK$6,363.

Dongzheng expects to start trading on the main board on March 26.

Meanwhile, shares of Doumob (1917), a mainland interactive advertising firm, surged 34.15 percent to HK$0.55 in the Bright Smart gray market before its debut.

Doumob has raised HK$57.2 million after pricing its IPO at HK$0.41, the lower end of its indicative price range, and receiving 440.7 times over-subscription.

Ride-hailing startup Uber Technologies has hired a string of investment banks to its syndicate of initial public offering underwriters as it ramps up preparations for a stock market debut in the United States. Smaller rival Lyft is racing to list in the stock market at the end of March. While Uber will not beat Lyft to an IPO, the preparations are aimed at giving it the flexibility to go public as early as the first half of 2019.

Uber has added more than half a dozen investment banks, including Bank of America, Barclays, Citigroup, Allen & Company, Deutsche Bank and JMP Securities, to its IPO underwriting lineup, the sources say.

These banks will support Morgan Stanley and Goldman Sachs Group, which Uber hired late last year to lead its public offering.

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