GF Holdings (Hong Kong) completes Poly Property Development’s IPO on the HKEx Main Board
2019-12-20 11:37 GFHD（HK.)
Hong Kong, December 20, 2019 – Poly Property Development (06049 HK), a leading comprehensive property management service provider in China, was successfully listed on the Main Board of the Stock Exchange of Hong Kong yesterday. GF Holdings (Hong Kong) acted as Joint Sponsor, Joint Global Coordinator and Joint Bookrunner.
The company issued 133 million shares (pre-greenshoe) at an offer price of HK$35.10 per share (the upper-end of its price range), raising HK$4.68 billion (~US$600 million) and making it the largest IPO among property management companies listed in Hong Kong. The IPO has been well-received by the market. Shares were oversubscribed by 222x in the Hong Kong public offering tranche, freezing the largest amount of funds this year, exceeding that for Alibaba. Four cornerstone investors participated in the IPO, including GIC (subscription amount: US$85 million), Hillhouse Capital (US$35 million), China Structural Reform Fund (US$30 million) and China Communications Construction Company (US$30 million), totalling US$180 million.
Acting as Joint Sponsor, Joint Global Coordinator and Joint Bookrunner, GF Holdings (Hong Kong) worked closely with the issuer. As one of the earliest participating brokers in the deal, GF Holdings (Hong Kong) facilitated communication between the company and regulators at home and abroad, and brought in high-quality institutional cornerstone and anchor investors. We also attracted a large number of quality clients in the international offering tranche, demonstrating our strong client coverage and marketing strength.
Poly Property Development is a leading comprehensive property management service provider in China with over 23 years of experience that focuses on first and second-tier cities and covers all national-level urban agglomerations. It was ranked fourth among the Top 100 Property Management Companies in China. Its brand was valued at more than Rmb9.0 billion in 2018, according to China Index Academy.