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Huaqin Nets HK$4.5 Billion From Hong Kong IPO Ahead of Debut

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Huaqin (HKG:3296, SHA:603296) raised HK$4.46 billion in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$77.70 per H-share, according to a Wednesday after-market filing with the Hong Kong Stock Exchange.

The China-based smart hardware products manufacturer offered 58.5 million H-shares in the global offering.

The Hong Kong public offer was 531.33 times subscribed, with a final allocation of 5.9 million shares, representing 10% of the total offering.

The international offering was 13.34 times subscribed, with a final allocation of 52.7 million shares, or 90% of the total offering.

An over-allocation of 8.8 million shares was made under the global offering.

Cornerstone investors, including JPMAMAPL, UBS Asset Management (Singapore), Shanghai Gaoyi, Perseverance Asset Management, Cloud Map, Taikang Life, and Aurora SF, were allotted a combined 29.3 million shares, according to the filing.

Huaqin is scheduled to debut on the Hong Kong bourse on Thursday, April 23.

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