TikTok rival plans IPO

Business | Avery Chen 23 Oct 2020

Tencent-backed Kuaishou, the major domestic rival of TikTok, has hired Bank of America and Morgan Stanley to arrange its Hong Kong IPO and it is seeking to go public as soon as the first quarter next year, mainland media reported

The news came as Canggang Railway (2169), a railway operator based in Hebei Province, rose as much as 27 percent in the gray market, as investors continued to cancel margin financing orders for property management new listings.

Canggang has raised HK$192.9 million from the initial public offering, with its retail portion oversubscribed 11 times.

Its shares rose 27.37 percent in the Futu Securities gray market but closed only 1.05 percent higher in the Phillip Securities' platform.

Meanwhile, property management service provider First Services (2107) slumped around 27 percent to HK$1.76 on its trading debut yesterday.

Investors placed about HK$3.31 billion in orders for Shimao Services, property management unit of Shimao Group (0813), meaning its retail portion is oversubscribed about 2.3 times. But it saw retail orders decline by HK$1.8 billion on Futu Securities' platform.

However, JW Therapeutics, a joint-venture company established by Juno Therapeutics and WuXi AppTec (2359), attracted at least HK$21.88 billion worth of retail orders yesterday, meaning its retail portion was oversubscribed 93 times.

The company is seeking to raise up to HK$2.33 billion with a minimum investment of HK$12,020 per board lot of 500 shares.

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