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Guangzhou R&F's Shanghai/Shenzhen IPO back on track

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Guangzhou R&F's Shanghai/Shenzhen IPO back on track

As of Dec. 18, the China Securities Regulatory Commission has recommenced examining Guangzhou R&F Properties Co. Ltd.'s application for an IPO in China.

The Hong Kong-listed, Guangdong-based developer said a relevant joint sponsor for the planned IPO recently completed procedures related to changing the sponsor representative, allowing the company and the Chinese regulator to restart work on the IPO.

In October, the commission approved Guangzhou R&F's application to suspend proceedings related to the IPO due to the resignation of the representative of a certain joint sponsor. The company's IPO plans in either the Shanghai or Shenzhen bourse first made light in November 2015, when the company said it was targeting roughly 35 billion yuan through the issuance of up to 1.07 billion new shares. Guangzhou R&F said back then that proceeds from the IPO will be used to fund nine development projects in Beijing, Shanghai, Tianjin, Meizhou, Harbin, Nanjing, Wuxi and Foshan.

As of Dec. 18, US$1 was equivalent to 6.62 yuan.