HONG KONG: PIC Legend Holdings, the parent of Lenovo Group, is seeking US$1 billion (HK$7.8 billion) to US$2 billion through its initial public offering in the SAR, lower than market speculation of US$2 billion to US$3 billion, a source familiar with the matter told The Standard.
The Beijing-based firm expects to start trading before mid-July if everything goes well, the person said.
Founded in 1984, the firm now holds a 30.55 percent stake in Lenovo, the world’s biggest personal computer maker.
It also holds 54.9 percent of China’s largest dental chain Bybo, 23.87 percent in China’s largest car rental company CAR (0699) and controls China’s largest venture capital fund Legend Capital, according to its filings to the local bourse.
Also, China Communications Construction Company (1800) has decided to list its dredging business in the SAR, pending the approval of regulators in the mainland and Hong Kong.
The H shares to be issued will be no less than 15 percent of the total share capital, it said. CCCC said in March that it plans to split and list its dredging business, without disclosing the location.
However, its shares slumped 4.76 percent to HK$14.40 yesterday after the announcement.
Elsewhere, Shanghai Haohai Biological Technology (6826) starts trading today, after its shares fell up to 5.59 percent in the gray market yesterday.
The maker of absorbable biomedical materials priced the shares at the higher end of the indicative range at HK$59 after its retail tranche was 178 times oversubscribed. It raised HK$2.36 billion through the IPO.
Separately, mid-end watch retailer Tic Tac International has been oversubscribed 62 times through margin financing. Seeking a total of up to HK$160 million in the IPO, the local firm set the indicative price range at HK$0.60 to HK$0.80.
