My province finally has listed the real estate enterprise! On the morning of The 3rd, Chenxing, which started in Jinzhong city of Our province and focuses on real estate property development, was listed officially in Hong Kong after 8 years of twists and turns. At the close of trading in Hong Kong at 4pm today, Chenxing Development traded at HK $35.2 million, closing at HK $3 a share.
In fact, chenxing development's preparations for an ipo date back to 2007. In the same year, Chenxing Real Estate, the predecessor of Chenxing Development, was formally restructured as a joint-stock company to prepare for listing, and was supported by the provincial governments at all levels. In 2009, Chenxing was identified as one of the three listed companies supported by our province. However, due to the impact of macroeconomic policies such as the national property market regulation, Chenxing failed to realize its desire to list on the domestic stock market, and the company began to seek an overseas listing.
On January 28, 2015, Chenxing Real Estate entered into A termination agreement with its A-share sponsor and instead submitted an IPO application to the SFC of Hong Kong. On February 16, the SFC disclosed that it was processing the listing application of Chenxing Development, the Hong Kong platform of Chenxing Real Estate. On June 22 this year, Chenxing Development Holdings Limited announced that it would launch its ipo in Hong Kong with a price range of HK $2.6 to HK $3.2. It will sell 100 million shares and raise hk $260 to HK $320 million. Ten per cent of the shares are for public sale at an admission fee of HK $3,232 for each lot of 1,000 shares. Chen Xing development of the listing has finally made substantial progress.
At 9 am, The board chairman of Chenxing Development (HK.2286) began trading on the main board of the Hong Kong Stock Exchange. At hk $3 per share, total proceeds from the IPO would amount to HK $300m. Mr Chen said that 90 per cent of the proceeds would be used for the development of jinzhong Longtian Project Phase I and the remaining 10 per cent would be used for working capital and other general corporate purposes.
Chenxing, which started in Jinzhong city of Our province in 1997, is the most powerful brand real estate enterprise in our province. In the past 20 years, it has developed property types including residences, shops, office buildings, hotels, urban complexes, etc. Chenxing's projects are mainly distributed in Jinzhong city, Taiyuan City and Mianyang City of Sichuan province. In 2012, 2013 and 2014, Chenxing Development earned 271 million yuan, 317 million yuan and 871 million yuan from property sales, respectively. By the end of March this year, Chenxing Development has completed the development of 10 projects and several parts of two projects, the total construction area of the land reserve 2.4 million square meters, which can meet the group's development projects in the next four to five years. (Reporter Rong Zibing)
Category: Media Coverage
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