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IPO Detail
01354 經發物業
KINGFARPROPERTY
Listing Date2024/07/03
Listing Price7.500
 
Quote
Subscription Result
  • Subscription Rate
    118.87x
  • Guarantee One Lot Size
    100 lot
  • One Lot Success Rate
    3.79%
COMPANY PROFILE

Xi’an Kingfar Property Services is a state-owned comprehensive city service and property management service provider in Shaanxi Province with presence in Northwest China. As of June 2024, its operations had covered Xi’an, Tongchuan, Hancheng and Shihezi.

According to CIA, in terms of the GFA under management in Shaanxi Province as of December 31, 2023, the Group’s market share was approximately 1.8%, ranking third among the property management service providers operating in Shaanxi Province in 2023.

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As of December 31, 2023, the Group was contracted to provide public property management services, basic residential property management services and basic commercial property management services to 149 projects in China, with a total contracted GFA of 15 million sq.m. and a total GFA under management of 14.6 million sq.m.. It derived a majority of its revenue from projects developed by Independent Third Parties.

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The Group’s customers primarily consist of government agencies, public authorities, property developers, property owners, residents and tenants.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureProperties
Major Business AreaChina
Board Lot300
GLOBAL OFFERING
No. of Offer Shares16.67M H shares
No. of International Offer Shares13.66M H shares
No. of HK Offer Shares3.00M H shares
Offer Price$7.50 - $9.30
Stock Code1354
Sponsor(s)CEB International Capital Corporation Limited
Underwriter(s)CEB International Capital Corporation Limited, CMB International Capital Limited, CCB International Capital Limited, ABCI Securities Company Limited, ICBC International Securities Limited, CMBC Securities Company Limited, Shanxi Securities International Limited, China Everbright Securities (HK) Limited, Zhongtai International Securities Limited, China Galaxy International Securities (Hong Kong) Co., Limited, Cinda International Capital Limited, Tiger Brokers (HK) Global Limited, Futu Securities International (Hong Kong) Limited, Livermore Holdings Limited, Aristo Securities Limited, Patrons Securities Limited, Sunhigh Financial Holdings Limited, Ruibang Securities Limited
TIME TABLE
Application PeriodJun 24 (Mon) - noon, Jun 27 (Thu)
Price Determination DateJun 28 (Fri)
Result Announcement DateOn or before Jul 02 (Tue)
Result Announcement DateOn or before Jul 02 (Tue)
Result Announcement DateOn or before Jul 03 (Wed)
Dealings in Shares commence onJul 03, 2024. (Wed)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
Sales Statistics (HKD)
Offer Price$7.50 - $9.30
Capitalization500.00M - 620.00M
NAV / share ($)$3.13 - $3.57 (Unaudited pro forma adj NAV / share)
Use Of Proceeds
Assuming the offer price being at HKD 8.40, the net proceeds raised would be HKD 105.10M, of which
53.8% : Pursue selective acquisitions of property management companies that focus on providing city services and property management services to public, residential and commercial properties
20.6% : Replace gasoline vehicles with new energy vehicles to reduce the costs of city services;
10.5% : Further develop smart property management systems
5.1% : Recruit talent
10% : Working capital
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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