The online credit management company
is selling around 118.7m shares at an
indicative range of HK$8.50–$11.50 a share.
The Hong Kong retail portion covers about
11.9m shares, and there is a greenshoe of up
to 17.8m shares.
51 Credit Card is expected to price the
deal by July 6 and begin trading on July 13.
CNCB Hong Kong Investment, a unit of
China Citic Bank, is the sole cornerstone
investor, committing to buy around 23.5m
shares for around US$30m at the mid-point
of the IPO price range.
Founded in 2012, 51 Credit Card helps users
manage their credit card bills, invest in wealth
management products and access other
PERSONALûCREDIT
BASEDûlNANCIALûSERVICES
As of December 31, it had 81m registered
users on its mobile apps.
About 40% or HK$438m of the proceeds will
be used to promote the 51 Credit Card
Manager App whereas 30% will go to enhance
technology and risk management capabilities.
The remainder will be for the use of
investment or other corporate purposes.
In 2017, the company posted a net loss of
Rmb1.38bn (US$212m) on total revenue of
2MBBNû)TSûOPERATINGûPROlT ûHOWEVER û
rose about 11 times to Rmb706m last year
from Rmb60m in 2016.
Citigroup and China Merchants Securities are
joint sponsors on the IPO.
TIANLI EDUCATION GETS TOP MARKSTIANLI EDUCATION INTERNATIONAL has priced its
Hong Kong IPO at the top of the HK$2.26–
$2.66 indicative price range, putting the
deal’s value at HK$1.3bn (US$169m).
The Chinese private education service
provider, which operates in eight cities in
western China, sold 500m shares or 25% of
its enlarged share capital.
There is a greenshoe of 75m primary
shares.
The deal is backed by three cornerstone
investors. Overseas Chinese Town Asia is
committed to buying 100m shares, while
Greenwoods Asset Management and Value
Partners are buying shares for about
US$20m and US$10m respectively.
4IANLIûPOSTEDûAû2MBMû53M ûPROlTû
for 2017, an 84% increase from Rmb74m in
- At the end of the 2017 autumn
semester, it had 20,924 students enrolled in
its network of 13 K-12 schools, 11 tutorial
centres and four early childhood centres.
The stock is scheduled to list on July 12.
CICC is the sole sponsor and sole global
coordinator.
INKE PRICES IPO AT BOTTOMThe Hong Kong IPO of live-video-streaming
operator INKE is set to raise HK$1.16bn
(US$148m) after it was priced at the bottom
of the HK$3.85–$5.00 per share range.
The company sold 302m shares for a free-
mOATûOFûû4HEûlNALûPRICEûTRANSLATESûTOû0%û
multiples of 7.2 for 2018 and 5.8 for 2019.
There is a greenshoe of 45m primary shares.
Two cornerstone investors, Focus Media
and Bilibili, are buying shares for
approximately US$40m.
!CCORDINGûTOûAûREGULATORYûlLING û)NKEûPOSTEDû
a net loss of Rmb239m (US$36m) in 2017,
narrowing from a loss of Rmb1.47bn in 2016.
It had an average 25.2 million active users per
month in the fourth quarter of 2017.
The stock is scheduled to be listed on
July 12.
CICC, Citigroup and Deutsche Bank are joint
SPONSORSûONûTHEûmOATINTRON TECHNOLOGY PRICES AT BOTTOMAutomotive electronics company INTRON
TECHNOLOGY has priced its Hong Kong IPO at
the bottom of the HK$2.90–$3.33 range,
putting the deal’s value at HK$725m
(US$92.3m).
The company sold 250m primary shares,
ANDûTHEûlNALûPRICEûREPRESENTSûAûû
forecast price-to-earnings multiple of 10.5
and 2019 PE multiple of 6.8.
Cornerstone investor Bull Capital has
committed to buy shares for about US$17m.
The company will use the proceeds for
research and development, acquiring
testing and other equipment, mergers and
acquisitions, and working capital.
The shares will start trading on July 12.
BNP Paribas is the sole sponsor and
BOOKRUNNERûFORûTHEûmOAT
!CCORDINGûTOûAûREGULATORYûlLING ûTHEû
COMPANYûPOSTEDûAûNETûPROlTûOFû2MBMû
(US$13m) for the nine months ended
September 30 2017, representing a 45% year-
on-year increase.AURORA MOBILE FILES FOR NASDAQ IPOAURORA MOBILEûHASûlLEDûFORûAû.ASDAQû)0/ûOFû
up to US$200m. The Shenzhen-based mobile
data aggregator recorded revenues of
Rmb284.7m (US$43m) in 2017 versus
Rmb70.3m in 2016. Its net loss rose to
Rmb90.3m from Rmb61.4m a year earlier.
Credit Suisse, Deutsche Bank and Goldman
Sachs are the bookrunners.HONG KONG
ONLINE LENDER EYES US$500m FLOATWELAB HOLDINGS, owner of online lending
start-up WeLend in Hong Kong and
WoLaiDai in China, has applied for a Hong
Kong IPO of up to US$500m.JP Morgan and Morgan Stanley are joint
SPONSORSûONûTHEûPROPOSEDûmOAT
&OUNDEDûINû(ONGû+ONGûlVEûYEARSûAGO ûTHEû
company has attracted investments from
Credit Suisse, billionaire Li Ka-shing’s TOM
Group, International Finance Corp,
Malaysia’s Khazanah Nasional and Alibaba
Entrepreneurs Fund.
Silver Breeze is the single largest
shareholder with a 23% stake. WeLab co-
founder and chief executive Simon Loong is
the sole director of Silver Breeze.
Malaysia’s Bukit Galla, owned by
government investment fund Khazanah
Nasional, controls 12.4% of the company,
TOM Online Payment Investments and
Innovative Mind own 6.8% each.
4HEûCOMPANYûPOSTEDûAûûNETûPROlTûOFû
US$21m, a turnaround from a 2016 loss of
US$24m.
WeLend had originated loans for HK$2.3bn
(US$292.6m) as of end-March this year.
WoLaiDai had accumulated more than 28m
registered users and facilitated Rmb13.3bn
(US$2bn) of loans by the end of March.INDIA
CHALET HOTELS FILES FOR RS20bn IPOHospitality company CHALET HOTELSûHASûlLEDû
the draft prospectus for an IPO of up to
Rs20bn (US$290m).
Primary shares for Rs9.5bn and 24.7m
secondary shares will be sold. The vendors
of the secondary shares are Ravi Raheja,
Neel Raheja, K Raheja Corp, Palm Shelter
Estate and Ivory Properties.
4HEûCOMPANYûREPORTEDûAûNETûPROlTûOFû
2SBNûFORûTHEûlNANCIALûYEARûTOû-ARCHûû
2017, against a loss of Rs1.34bn in 2015/16.
Chalet Hotels is part of the K Raheja
Group and owns four hotels that are
operated by Marriot Hotels.
Axis, JM Financial, Morgan Stanley are the
bookrunners.PURANIK FILES PROSPECTUS FOR IPOPURANIK BUILDERSûHASûlLEDûTHEûDRAFTû
prospectus for an IPO of up to Rs10bn
(US$145m).
Primary shares for Rs8.1bn and 1.9m
secondary shares will be sold. Shailesh
Puranik, Shrikant Puranik, Yogesh Puranik
and Nilesh Puranik are among the vendors
of the secondary shares.
4HEûCOMPANYûEARNEDûAûPROlTûBEFOREûTAXûOFû
2SMûINûTHEûlNANCIALûYEARûTOû-ARCHûû
versus Rs323.3m a year earlier.
Puranik develops residential projects in the
western Indian cities of Mumbai and Pune.
Edelweiss and IIFL Holdings are the
bookrunners.EQUITIES ASIA-PACIFIC