Sino-Synergy Hydrogen Energy Technology (Jiaxing) and three other companies have opened their retail books to raise up to over HK$3 billion altogether in their Hong Kong initial public offerings,
The four IPOs will be the first batch of companies to use the newly launched Fast Interface for New Issuance or FINI digital platform, which shortens the time gap between IPO pricing and trading to two days from five days.
Among them, Sino-Synergy is aiming to raise as much as HK$1.7 billion.
The hydrogen fuel cell manufacturer is offering 79.52 million shares at between HK$19.35 and HK$21.35 apiece.
The minimum investment is HK$10,782.7 per board lot of 500 shares.
Founded in 2015, Sino-Synergy mainly develops hydrogen fuel cells and provides system solutions used in buses, heavy-load trucks, logistics vehicles, forklifts, trains and ships.
The firm is China's largest supplier of hydrogen fuel cell stacks in terms of shipments from 2017 to 2022, it said citing a third-party report.
If successful, Sino-Synergy will be the second of its kind to be listed in the SAR, following Beijing SinoHytec (2402), which raised HK$982.8 million from its IPO in January but received a lackluster response from local investors, with its retail tranche undersubscribed.
Meanwhile, Dekon Food and Agriculture is targeting to raise up to HK$990 million, which offers 26.9 million shares at a price range of HK$30.35 and HK$36.95.
K Cash, a local licensed money lender, aims to raise up to HK$281 million, while Shenghui Cleanness, an environmental cleaning and maintenance services provider is looking to raise HK$170 million as they kicked off their retail books yesterday.
With the launch of the new digital IPO platform, local brokerages, including Futu Securities International (Hong Kong), Phillip Securities, Bright Smart Securities, and Prudential Brokerage have introduced interest-free margin financing for clients who want to subscribe for new shares via borrowing.
Prudential Brokerage said investors can pay close attention to the IPOs as the new system reduces the cost for investors and the end of the year is traditionally the peak season for IPOs.
Separately, Zhuhai Wanda Commercial Management Group, the commercial property servicing arm of Dalian Wanda Group, is reportedly planning to delay its listing in Hong Kong until 2026 at the longest, and is currently in discussions with investors, according to mainland media outlet The Paper.
