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
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