Jiangsu province. The project’s total
investment is estimated to be Rmb2.3bn.
Greenland holds about 40% of the project
company, called WUXIN YONGSHENG REAL ESTATE,
which is also the borrower.
One of the guarantors is Jiangsu
Provincial Construction Group, one of
Yongsheng’s direct shareholders, which is
in charge of the construction and sales of
the project.
The land and project under construction
form part of the security for the loan.
Meanwhile, Greenland is also raising
US$330m offshore to back the construction
of two overseas projects, one in New
York and the other in South Korea’s Jeju
island. Deutsche Bank is the MLAB of that
transaction, which offers an all-in pricing of
145bp over Libor.
› CHAILEASE SIGNS RMB2BN LOAN
CHAILEASE INTERNATIONAL FINANCE has signed a
Rmb2.015bn three-year term loan with 10
banks, with the deal size slightly above its
Rmb2bn target.
Mizuho Bank (China) was the sole mandated
lead arranger and bookrunner and is the
facility and security agent. Bank of Shanghai
joined as MLA and eight other lenders also
came in during general syndication.
The deal offered an interest margin
of 120% of the PBoC rate and a top-level
participation fee of 25bp.
Signing took place on October 18.
The borrower is a fully owned unit of
Taiwan-listed Chailease Holding.
For full allocations, see http://www.ifrasia.com.
EQUITY CAPITAL MARKETS
› CLOUDMINDS MEDITATES ON IPOCLOUDMINDS TECHNOLOGY, a developer of cloud-
based robots backed by SoftBank Group, is
mulling an IPO of up to US$1bn in the US
or Hong Kong in 2019, according to people
familiar with the situation.
The AI and cloud-computing startup,
which also counts Foxconn Technology
Group among its investors, is in discussion
with advisers about the potential listing,
said the people.
The deal could raise about US$500m–
$1bn, said two of the people.
The company is evaluating the pros and
cons of a US or Hong Kong listing and has
not made a decision as yet on the venue,
said the people.
CloudMinds did not reply to emails from
IFR seeking comment.
Founded in 2015, CloudMinds is a
creator, developer and operator of cloud
robots. It has R&D operations in Santa
Clara, California, Beijing and Tokyo.
Headquartered in the US, CloudMinds
was founded by Chinese entrepreneur
Bill Huang, who was the general manager
of the China Mobile Research Institute,
according to the company’s website.
SoftBank is more than a financial
investor in CloudMinds. In May, SoftBank
and CloudMinds announced they had
developed a new authentication solution by
combining CloudMinds’ blockchain-based
authentication with the mobile carrier’s
authentication platform. This solution willenable mobile users to log in to websites
without having to enter their user ID and
password.
Apart from SoftBank and Foxconn,
Keytone Ventures and Walden International
have also invested in CloudMinds. The
company has recently closed Series A+
funding of US$147m, said CloudMinds in a
statement in September when it announced
it has extended its collaboration with NYSE-
listed telecommunications firm Sprint in
artificial intelligence.› FOUR DEALS TO START PRE-MARKETINGFour companies are set to start pre-
marketing this week for Hong Kong IPOs
of a combined US$2.7bn, if they win listing
approvals from the Stock Exchange of Hong
Kong.
Chinese online travel service provider
TONGCHENG-ELONG plans to raise up to
US$800m–$1bn from its float.
CMB International, JP Morgan and Morgan
Stanley are the joint sponsors.
Tongcheng merged with eLong in March
this year. The company is backed by tech
giant Tencent Holdings and travel service
provider Ctrip, which own respective stakes
of 24.92% and 22.88%.
China’s leading online parenting firm
BABYTREE GROUP, backed by e-commerce
giant Alibaba Group, intends to raise up to
US$800m from an IPO.
Babytree, which also counts
conglomerate Fosun International among
its backers, is China’s largest maternity and
child-focused online community and hadPintec enlists heavy insider support
Equities Base deal oversubscribed thanks to demand from existing holdersThe US$44m Nasdaq IPO of Chinese fintech
company PINTEC TECHNOLOGY went through
last week with the help of significant insider
demand, following in the footsteps of many
other Chinese issuers which have relied on
such support to pass the finish line.
Rather than securing insider support to
take up part of the deal, Pintec convinced
insiders to commit to subscribing shares for
more than its base deal.
The Pintec deal came with a base offer
of 3.73m American depositary shares at an
indicative price range of $10–$12 each. There
is an over-allotment option of 558,750 ADSs,
equal to 15% of the base deal.
At the launch, certain existing holders
indicated an interest in buying up to US$34m
of ADS in the offering while a businesspartner and a corporate investor indicated an
interest in US$20m of ADS, according to a
regulatory filing.
Eventually, Pintec priced the IPO near the
top of the price range at US$11.88 each and
raised US$44m. The company sold 2.24m
ADS to certain existing holders while the
business partner and the corporate investor
took 1.68m ADS, according to another filing.
The insiders took 3.92m ADSs in total,
more than the 3.73m ADS the company
offered in the base deal.
“The company has over-alloted the whole
15% of shares. So apart from the insiders, there
was also some demand from institutional
investors,” said a person close to the deal.
Similar to many Chinese IPOs in the US this
year, Pintec first filed publicly in July with aUS$70m target but then trimmed the deal size.
Fintech has proved a tough sell in the
IPO market and especially so in the Chinese
context.
Pintec posted total income of Rmb19m
(US$3m) in the first three months of this
year, compared with a Rmb35.5m loss a year
earlier. It posted a full-year loss of Rmb84m
in 2017.
The IPO proceeds will be used to repay
some shareholder loans and to acquire
complementary technologies, as well as for
general corporate purposes.
Shares of Pintec rose 5.1% to US$12.49 on
their trading debut last Thursday.
Citigroup, Deutsche Bank and Goldman
Sachs were joint underwriters.
FIONA LAU