Monday, November 30, 2020
Martin Hennecke

Snack maker aims to raise US$1b
Weilong Food, a Chinese snack maker, is eyeing a Hong Kong initial public offering to raise about US$1 billion (HK$7.8 billion) next year, IFR reported. The report said Weilong is working with Morgan Stanley, UBS and China International Capital (3908) for the deal. Founded in 1999, Weilong is mainly selling spicy sticks, which are made from flour and chili oil. The company's revenue rose more than 40 percent to 4.91 billion yuan (HK$5.78 billion) last year, mainland media reported. Meanwhile, Evergrande Property Services, the property management arm of China Evergrande (3333), is said to be kicking off its IPO next Monday with an aim to raise US$2 billion to US$3 billion. Mainland developer Jiayuan International (2768) plans to spin off its property management business to list in Hong Kong to raise US$80 million. The subsidiary, Jiayuan Services, is set to open the retail book next week. Sunac Services (1516), the property manager backed by Sunac China (1918), rose 21.9 percent to HK$14.14 on its first trading day, with a turnover of HK$2.38 billion. Sunac Services has raised HK$7.86 billion from the IPO. Antengene Corporation (1516), an unprofitable biotech company, saw its shares rise more than 6 percent in gray markets ahead of its debut.

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