Blue Moon seeks green light for US$1b HK IPO

Business | Agencies and Winnie Lee 10 Nov 2020

Detergent maker Blue Moon seeks to pass the listing hearing of the Stock Exchange of Hong Kong this Thursday to raise US$1 billion (HK$7.8 billion).

It has appointed Bank of America, CICC and Citi as the joint sponsors.

The company has ranked first in the mainland detergent market for 10 years since 2011, according to Frost & Sullivan.

Its net profit rose 95 percent year-on-year in the last year.

Meanwhile, a mainland property manager Sunac Service, a spin-off from Sunac China (1918), received at least HK$1.95 billion margin financing after it opened a retail book yesterday, equivalent to a 2.19 times over-subscription for its retail tranche.

The initial public offering price is between HK$10.55 to HK$12.65.

Its international placing shares have been covered. It aimed to raise up to HK$8.73 billion. It debuts on November 19.

Biopharmaceutical company Antengene received at least HK$14.03 billion of margin financing, equivalent to 49 times over-subscription.

It opened a retail book yesterday to issue 154 million shares and raise up to HK$2.77 billion. The minimum investment is HK$9,131 per board lot, with the IPO between HK$15.8 and 18.08 per share.

It debuts in November 20.

Mainland developers Sunkwan Properties received at least HK$17.31 million of margin financing for its retail tranche, as of yesterday. It debuts on November 17. The retail tranche has not yet been covered.

Sunkwan planned to issue 500 million shares to raise up to HK$1.25 billion. The IPO price is between HK$1.7 and HK$2.5.

Jinke Smart Services received at HK$1.38 billion margin financing since it opened a retail book last Thursday for its retail tranche. It was 1.4 times oversubscribed.

New Oriental Education & Technology (9901) debuted yesterday and ended 14.71 percent higher than the IPO of HK$1,190.

RemeGen (9995) closed 33.97 percent higher than its IPO price of HK$52.1 on its first trading day.



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