Wednesday, October 16, 2019
 
Columnist
Martin Hennecke

$17b margin finance toast to brewer's IPO
 
11/07/2019
 
<p>Eight local brokers have lent more than HK$16.81 billion margin financing for Budweiser Brewing Company APAC&#39;s initial public offering in Hong Kong, equal to 3.39 times oversubscription of the retail tranche.</p><p>The subscription period of the world&#39;s largest IPO so far this year ends at noon today.</p><p>It is scheduled to be priced on Friday and will make its market debut on July 19.</p><p>The Asian arm of the world&#39;s largest brewer, Anheuser-Busch InBev, has received full subscription in the institutional tranche.</p><p>The brewer has set its IPO price range of between HK$40 and HK$47, bringing its market valuation to as much as HK$499.2 billion.</p><p>Meanwhile, shares of CIMC Vehicles (1839) fell 2.98 percent to HK$6.19 in the Bright Smart gray market last night before its first trading day.</p><p>The subsidiary of China International Marine Containers (2039) has raised HK$1.58 billion after pricing its deal at HK$6.38, the bottom of its indicative price range of between HK$6.38 to HK$8.08.</p><p>The retail tranche of the float was 1.74 times oversubscribed.</p><p>In other IPO action, shares of ManpowerGroup Greater China (2180) slid 1 percent to HK$9.8 on its first day of trading yesterday.</p><p>Chief financial officer Cui Zhihui said the company is confident about the development of mainland human resources market, as HR industry is essential no matter how good or bad of the economic environment.</p><p>Elsewhere, Chinese higher education provider Edvantage Group has raised HK$712.5 million after pricing its Hong Kong IPO at HK$2.85, the midpoint of its targeted IPO price range between HK$2.48 and HK$3.22, according to Reuters IFR.</p><p>Mainland property developer Zhongliang has raised HK$2.94 billion from a Hong Kong IPO after pricing the shares in the lower half of the indicative price range.</p><p>Trading of the two companies is expected to begin on July 16.</p><p>Cobalt Fashion, the knitwear supplier backed by the Fung Group and Hony Capital, is considering a Hong Kong listing as early as next year, according to Reuters IFR.</p>

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