Sep 26, 2018 (China Knowledge) - China’s leading investment bank and fund management firm, China Renaissance <1911:HK>, will be offering 85 million shares at the lower end, HKD 31.80 apiece. Dealings of shares on the Hong Kong Stock Exchange (HKEx) are expected to commence tomorrow.
The company’s initial public offering (IPO) is below expectation as compared to other big Chinese companies’ listings in the past two weeks. China Renaissance retail portion of its HK IPO offering was only 0.82 times subscribed, according to the statement provided to HKEx.
Haidilao International Holding Ltd. <6862:HK>, on the other hand, managed to price its shares at the top range of their target range, HKD 17.80 apiece. The company has started trading on the HKEx today, with a 5.6% increase in shares price during its debut, at HKD 18.8 apiece.
China Renaissance is well-known for its role in advising and investing in a number of well-known M&A deals by Chinese technology start-ups such as Meituan and Dazhong Dianping, and that of Didi and Kuaidi. The company’s HK IPO is also backed by well-known companies such as Alibaba Group Holdings <BABA:NYSE>, Ant Financial.
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