Smoore in profit warning after IPO

E-cigarette device maker Smoore International (6969) has issued a profit warning less than two weeks after its Hong Kong debut.

Smoore, whose shares closed 1.56 times higher than its initial public offering price, expects its profit and total comprehensive income to plummet by 89.1 percent to 94 percent year-on-year in the first half.

This was mainly due to fair value changes in financial instruments, which along with listing and share-based payment expenses caused losses of about 1.23 billion yuan (HK$1.36 billion).

Meanwhile, China Evergrande (3333) chairman Hui Ka-yan subscribed 159.85 million shares, or a 5.55 percent stake, in China Bohai Bank (9668), for HK$767.27 million last week. The mainland lender backed by Standard Chartered (2888) began trading on the mainboard on Thursday.

In other news, mainland developer Sunac China (1918) is weighing to spin off its property management business to raise around US$1 billion (HK$7.8 billion) as soon as this year.

And Leader Education, a mainland higher education service provider, plans to launch a Hong Kong IPO next week that could raise around US$70 million.