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Times China's property management business launches Hong Kong IPO

Times China Holdings Ltd.'s Times Neighborhood Holdings Ltd. launched an IPO of 161,820,000 shares on the Hong Kong stock exchanged.

The property management business is expecting a market capitalization of between HK$3.84 billion and HK$5.27 billion following its IPO based on an indicative per-share price of between HK$4.23 and HK$5.80.

Shares of the spin-off company are expected to commence trading on the stock exchange Dec. 19 under the stock code 9928, subject to various conditions. According to a filing, Times China will not retain any interest in Times Neighborhood's issued share capital upon the completion of the IPO.

Haitong International Securities Co. Ltd. is the sole sponsor, sole global coordinator and sole book runner of the offering. It also serves as one of the joint lead managers alongside Heungkong Securities Ltd.