Powerlong Commercial shares drop in pre-IPO trade

Business | 27 Dec 2019 5:19 pm

Powerlong Commercial Management, a spinoff of Powerlong Real Estate (1238), saw its share rose 6 percent from its issuing price of HK$9.50 in the grey market.

The shares in the company will debut next Monday.

Bank of Guizhou which will also debut on Monday saw its share price 3.2 percent lower from its offering price of HK$2.48 in the grey market.

Beijing-based financial services and equipment leasing provider ZGC Sci-tech Leasing is expected to launch its initial public offering next Tuesday and list on Hong Kong stock exchange in mid-January, according to market sources. The company has introduced Guotai Junan Securities as its IPO sponsor.

Net profit for the company rose 35 percent year-on-year during the first half this year to 74.21 million yuan (HK$82.57 million). Revenue during the first six months also grew 38.2 percent from a year ago to 250 million yuan.

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