2020年7月10日星期五
 
專家論市
Martin Hennecke

IPO extravaganza as 15 firms jostle for $34b
 
30/06/2020
 
<p>Seven companies launched Hong Kong initial public offerings yesterday while a further eight test the waters today. Together, the 15 firms aim to raise a total of HK$34 billion, making it the busiest week for the local market so far this year.</p><p>Two mainland companies made decent market debuts as investor appetite for health-care-related companies remains huge. Kangji Medical (9997), a maker of minimally invasive surgical instruments, saw its share price jump 98.8 percent to HK$27.6 with a market turnover of HK$3.3 billion while Hygeia Healthcare (6078), a radiotherapy equipment maker, ended 40.5 percent higher than its offer price at HK$26, with HK$1.9 billion worth of shares traded.</p><p>Among the seven companies launching their public offerings yesterday, Ocumension Therapeutics, a mainland ophthalmology firm, was most popular among retail investors.</p><p>The Shanghai-based firm attracted at least HK$56 billion in retail orders through margin financing within a day for its up to HK$1.55 billion deal, equivalent to an oversubscription of more than 360 times.</p><p>And investors placed orders worth more than HK$3.1 billion for the IPO of unprofitable biotech firm Immunotech Biopharm, which is seeking to raise around HK$1.1 billion.</p><p>Other companies kicking off IPOs yesterday included E-cigarette device maker Smoore International, which aims to raise up to HK$7.12 billion and online advertising firm Adtiger Corporations which seeks to raise HK$150 million. In the property sector, Ganglong China Property is planning to raise up to HK$1.64 billion, Greentown China (3900) is spinning off its project management business Greentown Management to raise HK$1.43 billion, while Zhenro Properties&#39; (6158) property manage arm Zhenro Services intends to raise HK$1.18 billion through its IPO.</p><p>Today, at least eight companies launch public offerings, led by China Bohai Bank, which is aiming to raise as much as HK$14.34 billion and expected to be the largest listing after JD.com (9618) and NetEase (9999).</p><p>Other companies consist of Tencent (0700) - backed game developer Archosaur Games, poultry meat producer Shandong Fengxiang, production group Cathay Media, after-school education provider Dashan Education, game publisher Sino-Entertainment Technology, local contractor Superland Group and United Strength Power, a vehicle natural gas refuelling station operator.</p><p>There are more companies are lining up for Hong Kong IPOs. Chinese liquid detergent maker Blue Moon has filed IPO application for the Hong Kong stock exchange. It&#39;s reportedly aiming to raise up to US$1 billion (HK$7.8 billion). Dongguan Rural Commercial Bank is weighing a Hong Kong IPO that could raise as much as US$1 billion, according to Reuters IFR.</p><p>And Nasdaq-listed 21Vianet Group, which provides carrier-neutral internet data center services in China, is considering a second listing in Hong Kong.</p>

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