Chemical and health materials company Qingdao Gon Technology Co. Ltd. (2768.HK; 002768.SZ) on Tuesday launched its Hong Kong IPO, aiming to raise about HK$1 billion ($128 million) through the sale of 30 million shares priced at between HK$34 and HK$42 apiece.
Applications for shares will be accepted through Jan. 30, with a final pricing set for Feb. 2. The shares are set to make their trading debut on Feb. 4. Eight cornerstone investors have agreed to purchase up to HK$320 million worth of the stock, equal to about 25% of the shares being sold if they price at the top of their range.
Qingdao Gon Technology reported revenue of 17.4 billion yuan ($2.5 billion) for the first 10 months of last year, up 9.4% from the 15.9 billion yuan it earned in the year-ago period. Its profit in the first 10 months of last year rose 40% to 713 million yuan from 508 million yuan in the year-ago period.
By Doug Young
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