China HR provider kicks off $1b IPOBusiness | Avery Chen and Bloomberg 3 Dec 2019
Renrui Human Resources Technology launches Hong Kong initial public offering today, aiming to raise about HK$1.1 billion with a minimum investment of HK$2,919 per board lot of HK$100 shares.
The mainland human resources service provider is issuing 38 million shares at an indicative price of HK$26.6 to HK$28.9. It plans to start trading on the mainboard on December 13.
Renrui mainly provides flexible staffing services to new economy companies, with clients such as ByteDance, Mobike, and Xiaohongshu. Renrui's chairman Zhangjianguo said the industry is expanding rapidly with an overall growth rate of more than 30 percent, and added that only a few companies reduced staff numbers due to adjustments in business strategy.
Meanwhile, Chinese biotech firm Alphamab Oncology kicked off IPO yesterday, with a view to raising up to HK$1.83 billion with a minimum investment of HK$10,302 per board lot of 1,000 shares.
The company expects to list on the mainboard on December 12, and is offering 179.4 million shares at a targeted price range between HK$9.1 to HK$10.2.
In other news, China moved to calm market concerns about recent heavy equity issuance amid signs investors are losing interest.
The country's stock watchdog won't adopt a "Great Leap Forward" approach and intensively grant approvals for initial public offerings, the China Securities Journal said Sunday, citing a source close to the regulator - the China Securities Regulatory Commission. The report added the agency will approve future proposed IPOs at a "steady" pace and according to market conditions.