Thursday, October 29, 2020
 
Columnist
Martin Hennecke

Recipe-sharing platform planning to launch IPO
 
16/10/2020
 
<p>Two companies made solid debuts yesterday, with shares of Channel Micron (2115) jumping 2.1 times.</p><p>The Malaysian construction company&#39;s shares ended at HK$1.13 yesterday, compared with an initial public offering price of HK$0.36. About HK$130 million shares were traded.</p><p>Investors who were allotted the shares could make a paper gain of HK$7,700 per board lot.</p><p>Meanwhile, shares of CN Logistics International (2130) rose 1.9 percent to HK$2.71 on its first trading day yesterday.</p><p>But local fund manager True Partner Capital (8657) fell as much as 7 percent in the gray market ahead of its growth enterprise market debut.</p><p>The company has raised HK$104 million after pricing its initial public offering at HK$1.4. The retail tranche was 12.15 times oversubscribed.</p><p>Mainland property management service provider First Service has priced its IPO at HK$2.46, reported Reuters IFR. Local brokers have loaned more than HK$2.1 billion for its IPO, meaning its retail tranche was at least 33 times oversubscribed. And Canggang Railway, a rail operator based in Hebei Province, has attracted HK$79.5 million in retail orders through margin financing, meaning its retail portion was covered 1.89 times</p><p>In other IPO moves, online recipes-sharing platform DayDayCook is planning to launch a Hong Kong IPO, mainland media reports.</p><p>In April, the company reportedly hired Citibank and AMTD Group to arrange its US IPO to raise up to US$80 million (HK$624 million).</p><p>The Hong Kong start-up has monthly users of more than 550,000. It was founded by Norma Chu, a former head of equity research at HSBC Private Bank, in 2012.</p><p>The company entered the mainland market in 2015 and has received venture capital financing from Alibaba Entrepreneurs Fund and K11 Investment, backed by Adrian Cheng Chi-kong, executive vice-chairman of Sun Hung Kai Properties (0016).</p>

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