Monday, February 24, 2020
Martin Hennecke

Property manager tests IPO waters
Sichuan Languang Justbon Services, a Chinese property management service provider, launched its Hong Kong initial public offering yesterday to raise up to HK$1.67 billion. The company is issuing 42.92 million H-shares at an indicative price range between HK$30.60 to HK$39 per share. The minimum investment is HK$3,939.31, with a board lot of 100 shares. Languang Justbon plans to start trading on the main board on October 18. The company has attracted six cornerstone investors, agreeing to subscribe to HK$603.18 million worth of shares. Investors include SensePower Management, which is backed by tech startup SenseTime founder Tang Xiao'ou. SensePower agreed to buy US$5 million (HK$39 million) worth of shares but Languang Justbon said there is no cooperation plan for the moment. Chief financial officer, Zhang Qiang, said it expects to pay a dividend no less than 25 percent of its profit after tax each year after listing. The company derived the majority of its revenue from properties by its parent, Languang Group. But the proportion had been lowered to 52.4 percent in the first half from 85 percent in 2016. Zhang said the company will actively seek out partnerships with third-party developers. Separately, Chinese mobile game developer FriendTimes (6820) closed flat at HK$1.52 on its market debut yesterday. The company has raised HK$449.5 million after pricing its public float at the bottom of the targeted price range.

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