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Chinese property manager launches Hong Kong IPO, aims to raise HK$1.67B

Chinese property management service provider Sichuan Languang Justbon Services Group Co. Ltd. commenced its IPO on the Hong Kong Stock Exchange with an aim to raise up to HK$1.67 billion, The Standard reported Oct. 8.

The company will issue 42.92 million shares, indicatively priced at HK$30.60 to HK$39 per share.

Sichuan Languang is expected to begin trading on the bourse on Oct. 18 with the backing of six cornerstone investors, which have committed to invest nearly HK$603.2 million in the IPO. The cornerstone investors include SensePower Management, the publication reported.

Zhang Qiang, Sichuan Languang's CFO, said the company expects to pay a dividend equivalent to at least 25% of its profit after tax each year after its listing.