2519.HK

AuGroup (Shenzhen) Cross-border Business Co. Ltd. (2519.HK), a cross-border e-commerce platform specializing in household products, launched its Hong Kong IPO on Thursday, aiming to sellnearly 30 million shares, with about 10% reserved for local investors. It set a price range of HK$14.56 to HK$15.60

Shares will sell in lots of 300, translating to an admission fee of HK$4,727.20 for investors. The listing could raise up to HK$470 million ($60 million). The public subscription period ends on Nov. 5, with a trading debut set for Nov. 8.

In 2021, the company was banned by American e-commerce giant Amazon for posting fake reviews to boost its sales.  The incident caused the company’s revenue to drop by 22% to 7.1 billion yuan in 2022, setting back its listing plan.

The company’s business has gradually picked up since then after it made adjustments. Last year’s revenue increased by 22% to 8.68 billion yuan, and the figure rose 17% year-on-year to 2.83 billion yuan in the first four months of this year.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click  here

Recent Articles

BitFuFu posts strong revenue growth

BitFuFu makes big gains as cryptocurrency booms

Revenue for the provider of digital mining services jumped 47.5% in the third quarter on strong gains for its core cloud-mining services, as well as its self-mining business Key Takeaways:…