Shangdong International Trust issues Hong Kong IPO worth up to $450mn

On Monday, Shangdong International Trust (SIT) issued an IPO in Hong Kong, offering 647mn shares.

It will charge between $0.57-0.70 per share and could raise a total of $450mn.

SIT will be the first Chinese trust since 1994 to list on the Hong Kong Stock Exchange.

The company is backed by Shangdong’s government and was ranked 25th among China’s 68 trust firms. In 2016 the company boasted assets of $38.6bn.

See also:

Business Review Asia – November Edition

Unilever invests in IDG Ventures India fund

China Literature issues biggest-ever Hong Kong tech IPO

Earlier this year the firm made a failed attempt to list. Analysts feel the failure may have been due to its holdings in Century Plaza Hotel, which was forced to delist from the Shenzhen market in 2017, a regulatory warning it received for allegedly assisting local governments in “irregular debt financing,” and a fine imposed on the company for failing to disclose information to trust beneficiaries in a timely manner.

A Hong Kong IPO may be a better choice for the trust company since A-share listings are scrutinised heavily by regulators in mainland China.

According to chairperson Wang Yingli: “Hong Kong has been our destination since the beginning… we want to expand our international business. Hong Kong is an open, international market and the best platform for us to go public.”

Share

Featured Articles

Twitter timeline – how Musk pulled off a hostile takeover

Elon Musk strikes deal to buy Twitter for US$44bn following four months of cryptic tweets, secret meetings and buying of shares – here’s the timeline

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

From Tokyo to Bangkok, with cuisines spanning Cantonese, Thai and German, we highlight Asia’s top 10 places to eat, as per Asia’s 50 Best Restaurants

Microsoft: what Asia leaders need to know about hybrid work

Microsoft’s 2022 Work Trend Index guides Asia leaders to navigating a hybrid future – from making the office worth the commute to rebuilding social capital

Meet the company: EV Nio to list in Hong Kong, enter Europe

Leadership & Strategy

12 Tech trends to watch closely in 2022, from CB Insights

Technology

Why Deloitte Australia’s HR technology is winning awards

Human Capital