Thursday, October 29, 2020
 
Columnist
Martin Hennecke

KWG Living tests market with $3.1b IPO
 
19/10/2020
 
<p>KWG&#39;s (1813) property management arm KWG Living opens its retail books today as it bids to raise as much as HK$3.1 billion in an initial public offering.</p><p>The company is offering 383 million shares at an indicative price range of HK$7 to HK$8.13. The minimum investment is HK$8,211.93 per board lot of 1,000 shares. KWG Living is set to make a market debut on October 30.</p><p>The company has attracted eight cornerstone investors including Hillhouse Funds, Orchid China Master Fund and LMA SPC, Harvest Global Capital Investments, Snow Lake China Master Fund, The Valliance Fund, China Lesso, Oscar and Partners Capital, as well as Aspex Master Fund.</p><p>Hillhouse Funds subscribed around US$50 million (HK$390 million), while other cornerstone investors each subscribed US$10 million.</p><p>KWG Living plans to use 60 percent of the proceeds for acquisitions and investment and the rest to upgrade intelligent service systems, diversify services as well as for working capital. It is seeking to expand its market shares in the Yangtze River Delta, midwest China and, Hainan and Bohai Economic Rim for diversification.</p><p>Meanwhile, Shimao Services, the property management unit of mainland developer Shimao Group (0813), is planning to launch a Hong Kong IPO tomorrow to raise around US$1 billion, local media reported.</p>

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