Friday, July 10, 2020
Martin Hennecke

10 mainland firms in IPO action
<p>At least ten mainland firms will launch initial public offerings today and tomorrow in Hong Kong, with four opening retail books today to raise more than HK$5.7 billion.</p><p>Greentown Management, the project management arm of Greentown China (3900), kicks off an IPO to raise as much as HK$1.43 billion, with a minimum investment of HK$3,030. It is issuing 477 million shares at an indicative price range of HK$2.2 to HK$3.</p><p>Ophthalmology company Ocumension Therapeutics meanwhile is seeking to raise as much as HK$1.55 billion by offering 105 million shares at a marketed price range of HK$13.16 to HK$14.66. The minimum investment is HK$7,404.</p><p>And unprofitable biotech firm Immunotech Biopharm also opens its retail book today for an IPO that could raise around HK$1.1 billion.</p><p>The three companies are expected to price their deal on Friday and start trading on the main board on July 10.</p><p>Mainland developer Ganglong China Property too kicks off a flotation today to raise up to HK$1.64 billion with a minimum investment of HK$4,414. It plans to make its debut on July 15.</p><p>Other firms including China Bohai Bank, Archosaur Games, Shandong Fengxiang, Zhenro Services, Dashan Education and Cathay Media and Education are expected to kick off their public offerings tomorrow.</p>
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