Asia
Caviar Producer Qiandaohu Xunlong Launches HK$1.23 Billion Hong Kong IPO
Hangzhou Qiandaohu Xunlong Sci-tech (HKG:6715) launched its Hong Kong initial public offering on Monday, seeking to raise about HK$1.23 billion from the deal.The world's largest caviar producer is offering 16.3 million H shares at HK$75.50 each, according to a Hong Kong bourse filing.The offering comprises 1.6 million shares for Hong Kong investors and 14.7 million shares for international investors, subject to reallocation and the over-allotment option.The company is expected to announce allocation results on June 29, ahead of its planned trading debut on June 30.Net proceeds will be used primarily to expand Qiandaohu Xunlong's aquaculture and production capacity and to upgrade existing farming and processing facilities to strengthen its position in the global caviar market.The company also plans to use the funds for brand marketing and global sales expansion, research and development, digital system upgrades, strategic investments and acquisitions, and working capital and general corporate purposes.The IPO attracted eight cornerstone investors, including BlackRock Funds, Barings, Taikang Life, and ICBC Wealth, which committed a combined $78.5 million.The investors agreed to subscribe for 8.1 million shares, representing 49.9% of the offering, according to the prospectus.CLSA, China Securities (International) Corporate Finance, China Industrial Securities International Capital and Huafu International Securities are acting as overall coordinators, joint global coordinators, joint bookrunners and joint lead managers, according to the prospectus.
HKG:6715