Evergrande Property Services, the property management arm of China Evergrande (3333), has passed its hearing with the Stock Exchange of Hong Kong to raise up to US$3 billion (HK$234 billion).

The company has appointed Huatai International, UBS, ABC International, CCB International, CITIC Securities and Haitong International as joint sponsors to handle the spinoff of the property management company.

The proceeds are for acquisitions and investment, development of value-added services, upgrade of information system and equipment, employment and talent training, and operating capital.

China Evergrande announced earlier that shareholders of China Evergrande who listed on stock transfer books before November 18 are eligible to enjoy the pre-emption rights of Evergrande Property Services' shares.

Meanwhile, mainland developer Shinsun Real Estate plans to set its initial public offering price at HK$5.59 to raise about 3.35 billion.

It received around HK$22.19 million of margin financing, brokers said, which means its retail tranche has not been covered.

The initial public offering price ranged from HK$4.8 to HK$6.2. It debuts on November 18.

Sunac Services, a property management arm of Sunac China (1918), plans to set its IPO price in the middle range to raise as much as HK$8.73 billion.

Its IPO price ranged from HK$10.55 to HK$12.6 and its retail tranche was 1.87 times oversubscribed with HK$1.75 billion of margin financing.

The company debuts on November 19.

Clinical-stage Asia-Pacific bio-pharma firm Antengene planned to set its IPO price at HK$18.08, the upper limit of its IPO price range of HK$15.8 to HK$18.08. The company debuts on November 20.

And mainland detergents producer Blue Moon sought to pass its listing hearing yesterday to raise US$1 billion.

The property management arm of China Evergrande has passed its listing hearing. SING TAO

Green light for Evergrande's US$3b property IPO