The company successfully listed on the Hong Kong Stock Exchange.
Release date:
Jul 10,2015
On the morning of July 3, Chenxing Development Holdings Limited (2286.HK) began trading on the main board of the Hong Kong Stock Exchange, with an opening price of HK$3.2. Chenxing Development marks the first company from our province to achieve an IPO listing on the HKEX main board—and remains the only enterprise from our province currently listed there. The successful launch of Chenxing Development on the HKEX main board sets a benchmark for other companies in our province seeking financing in overseas capital markets.
Bai Xuankui, Chairman of the Board of Directors at Chenxing Development, rings the opening bell for the company's stock market debut.
Bai Xuanqui, Chairman of the Board of Directors at Chenxing Development (second from right), rings the opening bell for the company’s stock market debut.
Chenxing Development Chairman Bai Xuanqui (right) exchanges gifts with a representative from the Hong Kong Stock Exchange.
On the morning of July 3, Chenxing Development Holdings Limited (2286.HK) began trading on the main board of the Hong Kong Stock Exchange, opening at HK$3.2 per share. Chenxing Development marks the first company from our province to successfully list via an IPO on the Hong Kong Stock Exchange’s main board—and currently remains the only enterprise from our province listed there. The successful listing of Chenxing Development on the HKEX’s main board sets a benchmark for companies from our province seeking financing in overseas capital markets.
On the day of its IPO, the Jinzhong Municipal Party Committee and Government sent a congratulatory message to Chenxing Development, praising the company for its successful listing while expressing hope that it would build on this new historical milestone. They encouraged the company to continue upholding the spirit of Jinhua merchants—daring to pioneer, operating with integrity, and driving innovation—to play an even greater leading role in revitalizing the financial sector and, ultimately, making a larger contribution to Jinzhong's economic and social development.
A notice from Chenxing Development revealed that the company is issuing a total of 100 million shares globally this time, with 10% allocated for public offering in Hong Kong and 90% reserved for international placement. The issue price per share is HK$3, raising a total of HK$300 million. These funds will primarily be used for the development and construction of Phase I of the Longtian Project in the Jinzhong Development Zone.
Chenxing Development is a leading property developer in Shanxi Province, specializing in the development of integrated projects that include both residential and commercial properties. The company holds "China's Grade-A Qualification for Real Estate Development Enterprises." Since its establishment in Jinzhong, Shanxi, in 1997, Chenxing has successfully completed 15 real estate projects, offering a diverse range of property types such as high-end residential homes, townhouses, shopping malls, and office buildings.
Over the past two decades, Chenxing Development has adhered to the principle of "building a brand through integrity, and enhancing profitability with that very brand," implementing a regional growth strategy that began in Jinzhong and expanded into Taiyuan—and has now successfully extended its reach to Mianyang, Sichuan.
Leveraging its outstanding business performance and robust development capabilities, Chenxing Development was honored in 2012 as one of the "Top 10 Real Estate Developers in Western China," selected by the China Real Estate Research Association, the China Real Estate Industry Association, and the China Real Estate Evaluation Center. In 2015, the company was ranked No. 245 among the "Top 500 Chinese Real Estate Developers," again recognized by the same esteemed organizations.
Keywords:
