ASIA-PACIFIC
CAMBODIA
MID-RANGE PRICING LIKELY FOR ACLEDAACLEDA BANK is likely to price an IPO of
CR328bn–CR381bn (US$$79m–$92m)
around the mid-point of the CR15,000–
CR17,400 range, a person with knowledge
of the transaction said.
Up to 21.9m shares are on offer.
The institutional book closed on March 14
and the retail offer will be open between
March 23 and April 4. The bank’s shares will
start trading on the Cambodia Securities
Exchange on April 27.
The deal is set to be Cambodia’s largest
)0/ûANDûTHEûlRSTûBYûAûBANKû4HEûCOUNTRYSû
largest IPO to date is Sihanoukville
Autonomous Port’s CR108bn offering in
*UNEûû#URRENTLYûlVEûCOMPANIESûAREû
listed on CSX.
Acleda Bank’s net interest income rose
12% to US$304.6m in 2019 from US$271.9m
INû ûWHILEûITSûNETûPROlTûROSEûûTOû
US$130.9m from US$84m.
The bank’s current shareholders are
Acleda Financial Trust (26%), Acleda Staff
Association (25%), Sumitomo Mitsui Banking
#ORPORATIONû û#OlBREDû û/RIXû
û4RIDOSû-ICROlNANCEû&UNDû û
Triodos Fair Share Fund (2.18%) and Triodos
Sustainable Finance Foundation (1.51%).
Acleda started out as a non-government
organisation for micro and small enterprise
development in 1993 and transformed itself
into a bank in 2003.
Yuanta SecuritiesûISûTHEûSOLEûlNANCIALû
adviser on the transaction.CHINA
XPENG INVITES IPO PITCHESElectric vehicle manufacturer XPENG MOTORS
has invited banks to pitch for an IPO which
could raise US$500m–$1bn depending on
valuation and how big a stake the company
will sell, said people with knowledge of the
matter.
Last November, the six-year-old company
announced it had raised US$400m from a
private round to fund its growth from a
group of strategic and institutional investors
including smartphone maker Xiaomi.
The private round is said to have valued
the company at nearly US$4bn.
4HEû'UANGZHOU
BASEDûCOMPANYûALSOû
counts IDG Capital and Hillhouse Capital
among its shareholders.Xpeng’s planned listing comes at a time
when Chinese electric vehicle start-ups are
competing for funds and sales in a crowded
market. IFR reported last September that
CHJ Automotive is planning to raise at least
US$500m from a US IPO this year.
.IO ûTHEûlRSTû#HINESEûELECTRICûVEHICLEû
maker to list in the US, raised US$650m
from a convertible bond issue in January
2019 and has also sold a few private CBs
since then.
Shares of Nio have halved since listing in
September 2018. The stock closed at US$2.43
last Wednesday compared to the IPO price
of US$6.26, giving it a market capitalisation
of US$2.6bn.TIANFENG SEC COMPLETES RIGHTS ISSUEShanghai-listed TIANFENG SECURITIES has raised
Rmb5.35bn (US$756m) from a rights issue,
less than the Rmb8bn it had targeted.
It sold 1.49bn shares on a 3-for-10 basis, or
95.6% of the 1.55bn shares it had planned,
priced at Rmb3.6 per share.
It will use the proceeds to fund a
subsidiary, expand its asset management
and securities investment businesses,
increase investment in research, build an IT
system and for working capital.
Industrial Securities is the sponsor and joint
bookrunner with East Asia Qianhai Securities.
Tianfeng Securities’ plan to acquire a
29.99% stake in Hong Kong-listed Hengtai
Securities from nine Chinese companies has
been approved by the China Securities
Regulatory Commission.RADIANCE PLANS HK IPOChinese property developer RADIANCE GROUP
is planning to raise at least US$500m from a
Hong Kong IPO this year, according to
people close to the deal.
The company is working with advisers on
THEûPLANNEDûmOATûANDûPLANSûTOûAPPLYûFORûAû
LISTINGûINûTHEûlRSTûHALFûOFûTHEûYEARRadiance has been awaiting regulatory
approval since 2016 for an A-share IPO to
raise about Rmb6bn (US$858m). Chinese
regulators have been reluctant to support
the fundraising plans of property developers
since around 2015 in a bid to curb property
prices.
)TûPOSTEDûAûNETûPROlTûOFû2MBBNûFORûTHEû
lRSTûHALFûOFû ûUPûûFROMûTHEûlRSTûHALFû
of 2018. It earned Rmb2.27bn for the full
year of 2018.
The company, which was founded in 1996
and is headquartered in Beijing, had a
landbank of 18.9 million square meters as of
June 30 2019.CSRC GIVES TWO IPO APPROVALSThe China Securities Regulatory
Commission has approved the IPO
registration of NATIONAL SILICON INDUSTRY
GROUP‘s Rmb2.5bn (US$357m) Shanghai Star
IPO.
The semiconductor-wafer manufacturer
plans to offer 620m A-shares or not less than
AûûFREE
mOAT
Proceeds will be used to enlarge the
production capacity of 300mm silicon
wafers for integrated circuits and to
replenish working capital.
Shanghai Guosheng Group and the
National Integrated Circuit Industry
Investment Fund are the largest
shareholders of the company with 30.48%
each. Guosheng Group is 100% owned by
State-owned Assets Supervision and
Administration Commission of Shanghai
Municipal Government, and the largest
shareholder of NICIIF is the Ministry of
Finance.
The company posted revenue of
Rmb1.07bn with a net loss of Rmb53.5m in
THEûlRSTûNINEûMONTHSûINû
Haitong Securities is the sponsor.
In addition, NINGBO JINTIAN COPPER (GROUP)
HASûBEENûGIVENûlNALûAPPROVALûFORûAû
Rmb2.36bn Shanghai IPO by the CSRC.74 International Financing Review March 21 2020ASIA-PACIFIC EQUITIES
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a11 Morgan Stanley 15 3,330.40 9.1
2 China Secs 7 3,076.76 8.4
3 CICC 17 2,901.05 8.0
4 Citic 8 2,135.89 5.9
5 Goldman Sachs 11 1,417.68 3.9
6 UBS 11 1,331.69 3.7
7 HSBC 9 1,275.03 3.5
8 BofA Securities 8 1,169.62 3.2
9 Citigroup 7 924.62 2.5
10 Sumitomo Mitsui 19 791.20 2.2
Total 409 36,436.78ASIA-PACIFIC EQUITIES (EX-JAPAN)
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a21 Morgan Stanley 11 3,118.77 9.2
2 China Secs 7 3,076.76 9.1
3 CICC 17 2,901.05 8.6
4 Citic 8 2,135.89 6.3
5 Goldman Sachs 10 1,358.05 4.0
6 UBS 11 1,331.69 3.9
7 HSBC 9 1,275.03 3.8
8 BofA Securities 7 1,141.38 3.4
9 Citigroup 7 924.62 2.7
10 Sinolink Securities 4 770.82 2.3
Total 356 33,800.7410 IFR Equities and SE 2325 p 73 - 81 .indd 74 20 / 03 / 2020 19 : 37 : 35