China Resources Mixc surges 30pc in gray

Shares of two mainland property managers rose in gray markets ahead of their mainboard debut, with China Resources Mixc Lifestyle Services (1209), a spinoff of China Resources Land (1109), surging more than 30 percent.

The Shenzhen-based company has raised HK$12 billion after pricing its initial public offering at HK$22.3 per share, the top end of the indicative price range.

The retail portion of the public sale was oversubscribed nearly 29 times, attracting more than 98,500 applications.

The institutional tranche was also covered by 10.8 times.

China Resources Mixc Lifestyle Services said it will use 60 percent of the net proceeds for strategic investments and acquisitions. Other parts of the fund will be for investing in value-added services providers, supply chain, information technology systems and smart communities.

Meanwhile, Jiayuan Services (1153), property service unit of Jiayuan International (2768), traded 0.8 percent higher than its offer price in the grey markets.

The company raised HK$518 million after setting its offer price at HK$3.86, higher than the mid-point of the marketed price range.

Separately, Blue Moon, China's largest liquid detergent maker, attracted more than HK$70 billion in retail orders through margin financing - equivalent to 71 times oversubscription, data from 21 local brokers showed. The company is looking to raise up to HK$9.83 billion. It is set to start trading on December 16.

In other IPO action, Cheshi Holdings, a mainland online automobile new media platform, has passed the listing hearing for its Hong Kong IPO that could raise around US$100 million (HK$780 million), local media reported.