HK currency gains as IPOs gather steam

Finance | Avery Chen and agencies 13 Oct 2020

Two mainland companies kicked off their initial public offerings in Hong Kong yesterday, while more companies will soon spin off units and launch dual listing in the city, pushing the local currency to the strong end of the trading band.

First Service Holding (2107), a property management company, opened retail books yesterday to raise up to HK$615 million.

The company is issuing 250 million shares at an indicative price range of HK$1.86 to HK$2.46, with a minimum investment of HK$6,212. It is expected to debut on October 22.

Meanwhile, Canggang Railway, a railway operator based in Hebei Province, is aiming to raise as much as HK$275 million with a minimum investment of HK$4,444. The company is scheduled to start trading on October 23.

GDS Holdings, a Chinese data center operation trading on the Nasdaq, is seeking to pass its listing hearing this week for its Hong Kong secondary listing, which could raise up to US$1 billion (HK$7.8 billion), IFR reported.

Meanwhile, mainland Chinese small and medium property developers are in a rush to spin off their property management service arms in Hong Kong. KWG Group's (1813) property management arm KWG Living is evaluating investor demand for its IPO, which could raise US$500 million.

Separately, Weihai City Commercial Bank (9677) was trading flat at HK$3.35 on the first day of trading yesterday.

The Hong Kong Monetary Authority sold HK$6.74 billion into the market after it reached the strong end of its trading band with US dollar. The aggregate balance will increase to HK$286.88 billion tomorrow.



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