Wednesday, September 22, 2021
Martin Hennecke

Noodle firm to raise $780m
<p>China&#39;s online audio platform Ximalaya is seeking approval to go public in Hong Kong after laying aside its initial public offering plan in the United States while rice noodle chain operator Tam Jai International is expected to start book building as early as next week to raise US$100 million (HK$780 million).</p><p>Shanghai-based Ximalaya was said to be aiming to raise more than HK$3.9 billion in the share sale. It is expected to debut in Hong Kong by the end of the year.</p><p>Multiple companies, including Ximalaya, reportedly halted their IPOs in the United States after China&#39;s largest ride-hailing company Didi became the target of a cybersecurity investigation by Chinese authorities days after its New York initial public offering in June.</p><p>In the first half, Ximalaya had average monthly active users of 262.1 million, including 110.9 million average mobile users of its mobile apps and 151.2 million average users who listened to its audio content through Internet-of-Things and other third-party platforms, according to the prospectus.</p><p>The average mobile MAUs on the flagship mobile app &quot;Ximalaya&quot; ranked first among China&#39;s online audio apps over the same six-month period, according to a commissioned report of CIC.</p><p>Tencent (0700), China Literature (0772), Baidu (9888), Xiaomi (1810) are among Ximalaya&#39;s strategic investors.</p><p>Meanwhile, Tam Jai&#39;s annual net profit jumped by 50.76 percent to HK$287.79 million year on year for the year ended March 31, according to the latest prospectus.</p><p>In other news, Broncus Holding has received at least HK$760 million through margin loans from mom-and-pop investors, a 3.6 times oversubscription.</p><p>This came as clinical stage global biotherapeutics company Transcenta Holding has attracted at least HK$370 million via margin financing for its retail tranche, an oversubscription of nearly 5 times.</p><p>Shui On Land&#39;s (0272) Shui On Xintiandi submitted its IPO application to the Hong Kong bourse. The spin-off unit had a total gross floor area of over two million square meters, 52.7 percent of which are located in Shanghai.</p><p>Also, the Shenzhen-listed Tianqi Lithium has received the green light from equities regulator to issue new shares in Hong Kong to repay debts and expand capacity. Debt-laden Tianqi ranked one of the world&#39;s biggest producers of lithium chemicals used in electric vehicle batteries.</p>

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