US$100m IPO set for property manager
Finance | Avery Chen 5 Sep 2019Mainland developer Zhenro Group, the parent of main board-listed Zhenro Properties (6158), plans to spin off its property management units in Hong Kong to raise about US$100 million (HK$780 million).
Shanghai-based Zhenro Property Management was established in 2000, providing services for commercial and residential properties in Shanghai, Fujian, Tianjin, Jiangsu, Jiangxi, and other mainland areas.
Meanwhile, FriendTimes, a Chinese mobile game developer, will seek listing approval this week for a Hong Kong initial public offering of up to US$100 million, according to Reuters IFR.
FriendTimes mainly engages in developing and publishing ancient Chinese style female-oriented mobile games. The Jiangsu-based firm ranked third in the mainland female-oriented mobile game market by revenue in 2017, according to Frost & Sullivan. Its revenues more than doubled year-on-year to 1.46 billion yuan (HK$1.6 billion) last year, mainly attributed to a new game, Rise of Queendom. Net profit soared 1.86 times to 336.7 million yuan.
In other deals, A-Living Services (3319), a property management unit of Agile Group (3383), said it has started preliminary negotiations with an independent third party concerning acquisition of Shanghai-based CMIG Futurelife Property Management.



