BRIEF: Jihong surges in Hong Kong trading debut
Shares of cross-border social e-commerce and paper packaging company Xiamen Jihong Co. Ltd. (2603.HK, 002803.SZ) soared in their Hong Kong trading debut on Tuesday, opening 43% higher and continuing to rise during the morning session to close up 47.4% at HK$11.32 by the midday break.
The company said it sold 67.91 million shares, with 30% allocated to the public offering for local Hong Kong-based investors. The shares priced at HK$7.68, near the lower end of their published range of HK$7.48 to HK$10.68, raising HK$522 million ($67 million). The Hong Kong portion of the offering was oversubscribed by 48.4 times, while the international placement was oversubscribed by 0.62 times.
The company plans to use 40% of the proceeds for overseas expansion, 35% for technology development, 15% for brand portfolio growth and proprietary brand development, and the remainder for general working capital.
By Lau Chi Hang
To subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
RELATED ARTICLES
-
BRIEF: Jihong Group seeks up to $93 million in Hong Kong IPO
2603.HK 002803.SHE -
BRIEF: Mixue surges on Hong Kong trading debut
2097.HK
-
BRIEF: Auntea Jenny surges in Hong Kong trading debut
2589.HK
-
BRIEF:Bloks surges in Hong Kong trading debut
0325.HK
-
BRIEF: Duality Biotherapies surges in Hong Kong trading debut
9606.HK
-
BRIEF: Herbs Generation surges in Hong Kong trading debut
2593.HK
