GFHK Completes IPO for Migao Group in Hong Kong as Sole Sponsor

2024-03-21 18:34 GF Holdings (Hong Kong)

On March 21, 2024, GF Hong Kong acted as the Sole Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager to assist Migao Group Holdings Limited (stock code: 9879.HK) ("the Company") in successfully listing on the main board of the Hong Kong Stock Exchange. The Company's global offering was priced at HK$4.08 per share. A total of 225 million shares were issued before the Greenshoe, raising HK$918 million. In the end, the Hong Kong Public Offering was oversubscribed with a subscription ratio of 9.79 times, and the International Offering was also oversubscribed with a subscription ratio approximately 1.28 times. It is the largest IPO deal in Hong Kong that launched its bookbuilding this year, which has become another typical deal of GF Hong Kong in the field of IPO services in Hong Kong.
Highlights of the Project

As the Sole Sponsor, GF Hong Kong fully demonstrates the service capabilities of the entire business chain. During the execution process, GF Hong Kong coordinated project progress and took the lead in completing various due diligences. In the face of many uncertain factors such as the test of the epidemic, fluctuations in the international situation, and the ups and downs in the capital market, GF Hong Kong assisted the Company to successfully obtain domestic and overseas regulatory approvals, and quickly responded to the Company's various needs and provide solutions throughout the whole process. Based on a deep understanding of the Company, GF Hong Kong helps the Company create a unique investment story and successfully list on the stock market with GF Hong Kong’s rich project experiences and solid execution capabilities.
In the early stage of marketing, GF Hong Kong customized a marketing plan for the Company, actively mobilized domestic and overseas resources, and proactively introduced industrial investors and financial investors to the Company. GF Hong Kong also proactively conveyed the Company's core competitiveness as a leading domestic potash fertilizer enterprise to the market and its value to investors, maximizing investors’ interest in the Company. During the offering period, GF Hong Kong further arranged in-depth communication between investors and company management, enriched and optimized the investor structure, continued to promote the steady growth of bookbuilding coverage, and sent a positive signal to the market. This offering fully reflects GF Hong Kong's excellent capital market service capabilities, deep investor relations and strong Hong Kong stock underwriting capabilities, and highlights GF Hong Kong's high-level comprehensive service capabilities in the Hong Kong stock capital market.
Against the economic background of the sluggish performance of the Hong Kong stock market and the global macro turbulence, GF Hong Kong has always responded calmly and maintained its determination, working closely with client, adhering to high standards of work and outstanding professional capabilities to seize the market offering window. GF Hong Kong successfully sponsored the Company to be listed in Hong Kong, which was highly recognized by clients and the market. In the future, GF Hong Kong will adhere to an international perspective, wholeheartedly provide high-quality investment banking services to clients throughout the entire industry chain and cycle, and assist more outstanding Chinese companies in exploring overseas capital markets.