PE-backed Qingci Games nets HK$863.1M in Hong Kong IPO

Qingci Games Inc. said Dec. 16 that its IPO on the Hong Kong Stock Exchange's main board raised estimated net proceeds of about HK$863.1 million, subject to the overallotment option being not exercised. The Chinese mobile game developer and publisher offered 85,000,000 shares at HK$11.20 per share.

Among the company's cornerstone investors, current shareholders Boyu Capital Group Holdings Ltd. and Qookka Entertainment Ltd. will subscribe for shares worth US$15 million and US$10 million, respectively. E-commerce company Alibaba Group Holding Ltd. is Qookka Entertainment's ultimate owner. Boyu Capital Investment Management Co. Ltd. manages Boyu Capital Group Holdings.

Qingci Games will use the IPO as an opportunity to expand its game and content offerings. The company also seeks to boost its capabilities in game development and operation as well as to improve on its brand recognition.

As of Dec. 16, US$1 was equivalent to HK$7.80.