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Sandy Li

SUNeVision Holdings, the technology arm of Sun Hung Kai Properties (SHKP), has received the green light from the stock exchange for its $3 billion initial public offering (IPO) on the Growth Enterprise Market (GEM).

 SHKP plans to spin off SUNeVision by floating new shares equal to 15 per cent of its enlarged share capital in what will be the GEM's biggest listing.

 The $3 billion proceeds would give SUNeVision a market capitalisation of $20 billion based on the issue price, about four times bigger than Tom.com's $5 billion.

 The initial public offering for Tom.com, the Li Ka-shing group's Internet venture, closed on Wednesday, having received a record response from investors.

 SUNeVision is expected to begin a roadshow to solicit investors, with its shares expected to start trading in the middle of next month.

 Meanwhile, SUNeVision has continued to expand its Internet content by forming an alliance with 18 leading banks to provide an on-line one-stop banking service.

 Bankingstreet.net initially will provide users with information about a range of products and services from partner organisations, including mortgage interest rates and associated terms and conditions.

 SUNeVision said it planned to provide on-line mortgage applications and transactions in future, and was working out details with its partners.

 The site, to be launched in April, would expand rapidly to include other banking and financial services including securities trading, personal loans, credit cards, car loans, provident fund services and deposit rates.

 Banks that have joined the alliance include Bank of East Asia, Standard Chartered Bank, Wing Lung Bank and others. SUNeVision is also in talks with HSBC and Hang Seng Bank.

TECHNOLOGY 



SUNeVision cleared for IPO