Huijing Holdings Co. Ltd. began trading for the 788.1 million shares comprising its IPO on the main board of the Hong Kong stock exchange Jan. 16, under stock code 9968.
The offer price is HK$1.93 per share, according to a Jan. 15 media release.
The 78,810,000 public offer shares initially offered by the company for subscription have been 0.32× undersubscribed, with 3,180 total valid applications received for a total of 25,354,000 public offer units. Further, the 709,290,000 shares initially offered for placing were slightly oversubscribed, with a total of 832,095,860 units, representing 117.3% of the units offered primarily.
Huijing estimates the net proceeds from the offering to be at around HK$1.39 billion, assuming the overallotment option is not exercised.
About 55% of the net proceeds are intended to be used to fund development costs for certain urban renewal projects, while the remaining will be for the development and construction costs of existing property projects, the repayment of existing borrowings, the developer's working capital and general corporate purposes.
According to the prospectus of the offering released Dec. 31, 2019, China Industrial Securities International Capital Ltd., China Merchants Securities (HK) Co. Ltd., GF Securities (Hong Kong) Brokerage Ltd., Glam Capital Ltd., Great Roc Capital Securities Ltd., Guosen Securities (HK) Capital Co. Ltd., Haitong International Securities Co. Ltd. and Zhongtai International Securities Ltd. are the joint book runners of the offer.
Joint global coordinators include China Galaxy International Securities (Hong Kong) Co. Ltd., CCB International Capital Ltd., CMB International Capital Ltd. and Guotai Junan Securities (Hong Kong) Ltd.
As of Jan. 15, US$1 was equivalent to 6.89 Chinese yuan.