Topsports on track for greenshoe bonus

Business | Avery Chen and Reuters 4 Oct 2019

Topsports International, the sportswear arm of Belle International, is on course to raise HK$7.8 billion, with its shares expected to be priced at HK$8.50 in an initial public offering, the lower end of the indicative price range of HK$8.30 to HK$10.10.

Topsports' HK$7.8 billion fund-raising bid comes with the ability to exercise an overallotment option, or greenshoe, which could allow the company to raise up to HK$9.36 billion.

Belle International, the biggest women's shoe retailer in the mainland, was a blue-chip stock traded in Hong Kong until 2017.

Meanwhile, Budweiser Brewing Company APAC (1876), the Asian units of Anheuser-Busch InBev, announced the full exercise of the overallotment option to raise HK$5.88 billion.

The brewer issued 217.76 million over-allotment shares at HK$27 per share.

After the completion of the issue of overallotment shares, Budweiser will have a public float of 12.61 percent of the total enlarged issued share capital.

Budweiser has raised HK$39.2 billion through its Hong Kong initial public offering.

Its share started trading on the main board on Monday.

Shares of Budweiser fell 0.34 percent to HK$29.6 yesterday.

Separately, lawmaker Christopher Cheung Wah-fung said yesterday the new guidelines for securities margin financing activities, which will be implemented today, would speed up closures among local brokers, given shrinking turnover in the local equity market.

He added that interest income from margin financing has become the major revenue driver for local brokers.

Under the new guidelines, the Securities and Futures Commission will limit the amount brokers can lend against shares to five times their capital.

The SFC has reprimanded and fined SEAVI Advent Ocean Private Equity HK$1 million for a breach of the code of conduct, the financial markets watchdog said yesterday.

The disciplinary action follows an SFC investigation which found that SEAVI Advent Ocean Private Equity had allowed its director and an investment manager, both of whom were not licensed by the SFC, to perform regulated functions for its business between March 2013 and April 2014.

They introduced clients to invest in the fund managed by SEAVI Advent Ocean, Private Equity answered clients' queries and arranged for the execution of the subscription agreements for the fund, it said.

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