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Mainland developer Jinke Property’s services arm seeks up to US$816 million in Hong Kong IPO
- Jinke Smart Services joins 13 other Chinese property management firms that have raised US$3.5 billion from Hong Kong IPOs so far this year
- The Chongqing-based property services firm says it uses technology such as big data, and artificial intelligence to enhance services
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Jinke Smart Services Group, a property management company spun off from Shenzhen-listed Jinke Property Group, is seeking to raise up to US$816 million from a Hong Kong initial public offering, joining over a dozen firms from the sector that have tapped the city’s capital market this year.
The company is selling 132.9 million shares, or 21 per cent of its share capital, at a range of HK$41.8 (US$5.4) and HK$47.6 per share, with an overallotment option of up to 19.9 million additional shares to cover strong demand from investors, according to its prospectus.
The company plans to use the IPO proceeds to pursue investment and acquisition opportunities, and on upgrading their digital and smart management systems.
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The offer, which kicked off on Thursday, closes on Tuesday. Trading is set to start on November 17.
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Three trends shaping China's internet from SCMP's China Internet Report 2020
Three trends shaping China's internet from SCMP's China Internet Report 2020
Thirteen property services companies have listed in Hong Kong so far this year, raising a total of US$3.5 billion, versus US$857.6 million from seven deals in the same period last year, according to Refinitiv.
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Last Friday, KWG Living and Shimao Services debuted on the main board after raising HK$3 billion and HK$9.8 billion, respectively.
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