and Bilibili, are backing a total of US$40m
of the deal, or approximately 23% of the
offering at the midpoint of the range.
According to a regulatory filing, Inke
posted a net loss of Rmb239m in 2017,
narrowing from a loss of Rmb1.47bn in
- It had an average 25.2 million active
users per month in the fourth quarter of
Pricing is scheduled on July 4 and listing
on July 12.
CICC , Citigroup and Deutsche Bank are joint
sponsors on the float.
› INTRON TECHNOLOGY LAUNCHES IPO
Automotive electronics company INTRON
TECHNOLOGY started bookbuilding last
Thursday for a Hong Kong IPO of up to
HK$833m.
The company is selling 250m primary
shares at an indicative price range of
HK$2.90–$3.33 each. The range represents
a 2018 forecast P/E of 10.5–12.0 and 2019
forecast P/E of 6.8–7.8.
Bull Capital, cornerstone investor for the
float, has committed for US$17m of the
shares.
The company will use the proceeds
for research & development, acquiring
testing and other equipment, mergers and
acquisitions and working capital.
The deal will price on July 5 and trading
will start on July 12.
BNP Paribas is the sole sponsor, sole global
coordinator and sole bookrunner for the
float.
› JIUJIANG OPENS BOOK FOR IPO
BANK OF JIUJIANG has started bookbuilding for
a Hong Kong IPO of up to HK$3.9bn.
The commercial lender in China’s
eastern Jiangxi province is selling 360m
primary shares at an indicative price range
of HK$10.48–$10.96 each.
The price range represents a 2018
forecast price-to-book ratio of 0.91–0.95.
Six cornerstone investors are taking up
shares for HK$1.87bn, or 48.6% of the float
assuming the deal is priced at the mid-point
of the range. They are Rong De Investment
(32.9m shares), Success Cypress (32.9m
shares), AVICT Global (32.6m shares), Hong
Kong KaiLi Furniture (32.6m shares), Venfi
Group (22m shares) and R&F Properties (HK)
(21.7m shares).
The book will close on June 29 and
pricing is slated for the same day. The stock
is expected to be listed on July 10.
ABC International and China Securities
International are joint sponsors on the IPO,
proceeds of which will be used to replenish
the bank’s capital.
According to its regulatory filing, Bank
of Jiujiang’s net profit for 2017 rose 13%
to Rmb1.76bn. At the end of 2017, its
total assets stood at Rmb271bn, its capital
adequacy ratio at 10.5% and non-performing
loan ratio at 1.6%.› MOBVISTA PLANS IPOMOBVISTA , a Chinese mobile marketing
company, is planning to raise about
US$300m–$400m from a Hong Kong IPO,
according to people close to the deal.
The company, which is already listed on
National Equities Exchange and Quotations,
has filed a Hong Kong listing application.
CMB International and UBS are the joint
sponsors.
NEEQ, China’s third board, is an over-the-
counter market.
In April, NEEQ and Hong Kong
Exchanges and Clearing signed a
memorandum of understanding which
allows NEEQ-listed companies to list in
Hong Kong without delisting from the third
board.
Mobvista posted net profit of US$27m
in 2017, up 38% from a year earlier. Its
revenue was US$313m in 2017.› NEW FRONTIER UPSIZES NYSE IPONEW FRONTIER , an investment vehicle chaired
by Hong Kong’s former finance secretary
Antony Leung, has raised US$250m from a
NYSE IPO to pursue acquisitions in Asia.
The special purpose acquisition company
(SPAC) intended to raise US$230m through
the sale of primary units at US$10 each,
with each unit structured as one share
common and one-half a warrant exercisable
at US$11.50 per full warrant.
It sold 25m units at US$10 each
eventually.
New Frontier has also lined up accredited
investors to invest an additional US$181m
on an acquisition.
The SPAC focuses on healthcare,
technology and education and has
specifically ruled out biotech and real estate
investments.
Credit Suisse and UBS were joint
bookrunners.› ONE MORE BITCOIN MINING GEAR IPOEBANG INTERNATIONAL , a Chinese bitcoin
mining gear maker, has filed for a Hong
Kong IPO with Haitong International as sole
sponsor.
The filing came after its rival CANAAN
filed a Hong Kong listing application in
May. Canaan is targeting a listing hearing
as early as this week for a float of at least
US$1bn, according to people close to the
deal.IFR reported in May Ebang planned to
raise about US$1bn from its float.
According to the company’s filing,
94.6% of its 2017 revenue came from
blockchain-related business and 5.4% from
telecommunications. It posted a net profit
of Rmb385m for 2017, from Rmb11m in
2016.› QILU EXPRESSWAY IPO GETS GOINGQILU EXPRESSWAY has started bookbuilding for
a Hong Kong IPO of up to HK$1.6bn.
The expressway operator in China’s
Shandong province is selling 500m shares,
or 25% of the enlarged capital, at an
indicative price range of HK$2.50–$3.10
per share. The range implies a pre-shoe
market capitalisation of up to HK$6.2bn.
There’s an overallotment option of 75m
shares.
Three cornerstone investors
committed a total of HK$700m, with
CITIC-Prudential Life Insurance and
Shandong Hi-Speed Investment each
pledging HK$291m and Shandong SSF
HK$119m.
About half of the proceeds will be used
for acquiring operative toll roads, bridges
and relevant infrastructure projects and
25% will be used for maintenance of the
Jihe Expressway. The remainder will be
used to pay short-term bank loans or for
general corporate purposes.
The shares will be priced on July 12 and
listed on July 19.
China Securities International and Zhongtai
International are the joint sponsors, and
also joint global coordinators with CCB
International , GF Securities Hong Kong and
Guotai Junan International.› REDSUN STARTS BOOKBUILDINGChinese developer REDSUN PROPERTIES GROUP
has started bookbuilding for a Hong Kong
IPO of up to HK$2.5bn.
The Jiangsu-based company is selling
800m shares, or 25% of the enlarged share
capital, at an indicative price range of
HK$2.18-$3.18 each.
There’s an overallotment option of 120m
new shares.
The shares are expected to be priced on
July 5 and listed on July 12.
Four cornerstone investors are backing
the deal with a combined US$111m based
on the mid-point of the price range.
They are ZR Holding (HK$100m), Applied
Development (HK$300m), Glow Land
International (US$20m) and Honor Well
(HK) Investment (US$39.6m).
ABC international , CCB International and
Huatai Financial are joint sponsors of the
deal.