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Home Credit could launch Hong Kong IPO in September

Home Credit BV is seeking to raise more than $1 billion in a potential listing in Hong Kong that could launch as early as September as ongoing political unrest in the region makes investors cautious, Reuters reported.

The Dutch consumer lender's Chinese business is extensive, accounting for nearly two thirds of the lender's total loan portfolio, according to the Sept. 9 report. The lender, which is controlled by Czech billionaire Petr Kellner's investment group PPF Group NV, filed for an IPO of its shares on the Hong Kong stock exchange in July.

The lender's planned IPO is widely expected to be the most significant test of the Asian city's capital markets, after Alibaba Group Holding Ltd. reportedly decided to postpone its $15 billion offering in Hong Kong in late August due to the unrest, the report noted. Bankers have also warned that the political uncertainty will weigh on issuers' valuations.

Sources previously told the newswire that Alibaba Group's IPO could be launched in October instead when political tensions ease and market conditions become favorable again. At least three healthcare companies have also delayed or canceled plans to list on the Hong Kong stock exchange in the five months to mid-August amid rising market uncertainty.

Hong Kong Chief Executive Carrie Lam recently said the government is formally withdrawing a bill that would have allowed the extradition of individuals to mainland China from the city in a bid to calm local protesters, who have been opposing the proposed extradition bill since June.

Home Credit and parent Home Credit Group BV are part of conglomerate PPF Group.