Allocations were skewed towards
fundamental long-term investors, with the top
10 investors taking up about 65% of the deal.
There is a 15% greenshoe. The shares are
due to begin trading on June 12.
BNP Paribas is the sponsor, and joint global
coordinator with CICC and Haitong
International.
GSX TECHEDU PRICES IPO AT MID-POINTChinese online education provider GSX
TECHEDU has raised US$208m from a NYSE
IPO that it priced at the mid-point of the
indicative range.
The company sold 19.8m primary
American depositary shares at US$10.50,
within the indicative range of US$9.50–$11.50
PERûSHAREû4HEûlNALûPRICEûREPRESENTSûAûû0%û
of 19 and a 2020 price/sales ratio of 3.75.
Credit Suisse, Deutsche Bank, Barclays and
CLSA are the joint bookrunners.
GSX was founded in 2014 by Chen
Xiangdong, who was the executive
president for the domestic business of US-
listed New Oriental Education and
Technology.
The company offers tutorial classes to
K-12 students and university students,
language courses to professionals and also
leisure courses.
'38ûPOSTEDûAûNETûPROlTûOFû2MBMû
53M ûFORûTHEûlRSTûTHREEûMONTHSûOFû û
compared with a loss of Rmb3.6m a year
EARLIERû)TSûFULL
YEARûûNETûPROlTûWASû
Rmb19.7m.
CSSC SHIPPING PRICES IPO AT BOTTOMCSSC (HONG KONG) SHIPPING has raised
HK$2.05bn (US$261m) from a Hong Kong
IPO priced at HK$1.34 per share, the bottom
of the indicative range.
The company sold 1.53bn primary shares,
or 25% of the enlarged share capital. The
deal was marketed at HK$1.34–$1.42 per
share.
4HEûlNALûPRICEûREPRESENTSûAûû0%ûOFûû
and a 2019 P/Book of 0.95.
There are four cornerstone investors
contributing a total of US$160m. They are
China Reinsurance (US$75m), Cosco
Shipping Financial (US$30m), Wison
Engineering Services (US$30m) and First
Automobile Finance (US$25m).
The shares are due to begin trading on
June 17.
CICC is the sponsor, and joint global
coordinator with CLSA, CCB International and
Fortune Securities.
CHINA TOBACCO PRICES IPO AT TOPCHINA TOBACCO INTERNATIONAL (HK) has raised
HK$813m (US$104m) from a Hong Kong IPO
priced at the top of the indicative price
range.
The subsidiary of China National Tobacco sold
167m primary shares, or 25% of the enlarged
share capital, at the top of the HK$3.88–$4.88
range, said people close to the deal.
4HEûlNALûPRICEûREPRESENTSûAûûPRE
SHOEû
P/E forecast of 12.3.
The retail tranche was more than 100
times subscribed, so 50% of the deal was
allocated to that tranche.
There is a greenshoe option of 15% of the
base deal.
The shares are expected to be listed on
June 12.
CICC and China Merchants Securities are the
joint sponsors.JH EDUCATION TECH OPENS BOOKSJH EDUCATION TECHNOLOGY, a Chinese higher
education provider, has opened the books for
a Hong Kong IPO of up to HK$768m (US$98m).
The company is selling 400m shares, or
25% of the enlarged share capital, in an
indicative price range of HK$1.50–$1.92 each.
There is a greenshoe option of 15% of the
base size.
The Zhejiang province-based company has
11,455 students enrolled in its two schools and
20,613 students in a joint venture school with
Zhongyuan University of Technology.
The deal will be priced on June 12. The
shares will start trading on June 18.
Macquarie is the sole sponsor.MANPOWERGROUP CHINA
PRE-MARKETS IPOMANPOWERGROUP GREATER CHINA has started pre-
marketing a Hong Kong IPO of about
US$100m, according to people with
knowledge of the deal.
The employment agency, a subsidiary of
NYSE-listed ManpowerGroup, has more than
ûOFlCESûINûMAINLANDû#HINA û(ONGû+ONG û
Macau and Taiwan, according to its draft
PROSPECTUSû)TûPOSTEDûAûPROlTûOFû2MBMûINû
2018, up 19.8% from the year before.
Huatai Financial is the sole sponsor.CSRC TO REVIEW POLY’S HK SPIN-OFFThe China Securities Regulatory Commission
has agreed to review Shanghai-listed POLY
DEVELOPMENTS AND HOLDINGS GROUP’s plan to spin
off its property management arm POLY
PROPERTY DEVELOPMENT to list in Hong Kong.
IFR reported in April that Poly Property
Development plans to raise about US$300m
in Hong Kong.
The sale will consist of not less than 15%
of the enlarged share capital in the
company. There will be a greenshoe option
of 15% of the base size.Poly Property Development was listed on
the National Equities Exchange and
Quotations from August 2017 to April 2019.
4HEûCOMPANYûPOSTEDûAûNETûPROlTûOFû
2MBMû53M ûFORûTHEûlRSTûHALFûOFû
2018, up 64% year-on-year, on revenues of
Rmb1.85bn.
The proposal still needs approval from
regulators in China and Hong Kong.CSRC APPROVES FOUR IPO PLANSThe China Securities Regulatory
#OMMISSIONûHASûGIVENûlNALû)0/ûAPPROVALûTOû
four companies with a combined Rmb5.2bn
(US$754m) fundraising target.
CNOOC ENERGY TECHNOLOGY & SERVICES is set to
conduct pricing consultations for a Rmb3.7bn
(US$535m) Shanghai IPO on June 11 and
announce the issue price the next day.
Books will open for a day on June 14.
CNOOC Energy will offer 2.8bn A-shares,
or up to 25% of its enlarged capital.
Proceeds will be used to build offshore
facilities and upgrade drilling platforms in
THEû"OHAIûOILlELD ûPURCHASEûFOURû,.'û
carriers, one submarine pipeline inspection
vessel and an environmental protection
vessel, as well as to repair ships, and repay
Rmb1.5bn of loans from banks.
CICC is the sponsor.
The company will become the sixth listed
company of state-owned oil giant CNOOC,
following Hong Kong-listed CNOOC and
China BlueChemical, Shanghai and Hong
+ONG
LISTEDû#HINAû/ILlELDû3ERVICES û
Shanghai-listed Offshore Oil Engineering
and Shenzhen-listed Shandong Haihua.
Online snack seller THREE SQUIRRELS has cut
its fundraising target from Rmb1.4bn to
Rmb602m, while the number of shares
offered was increased to 41m from 40m.
Proceeds will be used for marketing,
supply chain, logistics and a food dispensing
system.
CICC is the sponsor of the two above deals.
ZHEJIANG XINHUA CHEMICAL (Rmb491m) and
SHANDONG LONGERTEK TECHNOLOGY (Rmb423m), a
maker of air conditioning units for subway
USE ûHAVEûALSOûWONûlNALû)0/ûAPPROVALû
Everbright Securities and Northeast Securities are
the respective sponsors.GKNET FILES FOR CHINEXT IPOGUANGDONG KAIJIN NEW ENERGY TECHNOLOGY, a
lithium-ion battery material supplier, has
lLEDûWITHûTHEû#HINAû3ECURITIESû2EGULATORYû
Commission for a proposed ChiNext IPO to
raise Rmb2.5bn (US$362m).
The company plans to offer 15.1m
A-shares or 25% of its enlarged capital.
Proceeds will be used to build a new
production base and R&D centre, and
replenish working capital.