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Dafa Properties sets final price for HK$740M IPO in Hong Kong

Chinese real estate company Dafa Properties Group Ltd. priced its IPO in Hong Kong at HK$4.20 per share for expected proceeds of about HK$740.0 million.

The final price for the planned listing of 200 million shares in the special administrative region is lower than the HK$4.98-per-share indicative price that was set by the Shanghai-based property company when it launched the offering Oct. 1.

A total of 13,550,000 million shares was reallocated to the moderately oversubscribed international component of the IPO after the domestic component was undersubscribed. As a result, the listing now includes 6,450,000 shares being offered in Hong Kong and 193,550,000 shares being offered offshore.

An estimated 60%, or HK$444.0 million, of the total anticipated proceeds from the offering will be used for the development of the company's existing property projects, while about 30%, or HK$222.0 million, will be utilized to partially repay a two-year loan of 530.0 million yuan from an asset management company. The remaining 10%, or HK$72.6 million, of the total proceeds will be used for general working expenditures, as previously stated.

CCB International Capital Ltd. is the sole sponsor and sole global coordinator of the offering. It also functions as a joint book runner and joint lead manager together with CMB International Capital Ltd., First Capital Securities Ltd. and Yuanyin Securities Ltd.

As of Oct. 9, US$1 was equivalent to 6.92 yuan.