IPO News | Huitongda Network (9878) International Offering Oversubscribed
Zhitongcaijing APP was informed that Huitongda Network (09878), "the first public company focusing on the business in China's lower-tier market", has launched its initial public offering in Hong Kong. According to the source with knowledge of the deal, the institutional book of Huitongda Network has been oversubscribed.
Huitongda Network has introduced 6 cornerstone investors backed by Skyworth Group (0751.HK), SenseTime-W (0020.HK), Greenwoods Asset management, Gold Mantis Construction (002081.SZ), Sands Talk Capital, and Heilan Group (600398.SH) respectively. The cornerstone investors secure a total of US$150 million (HK$1.168 billion), based on the midpoint of the price range, accounting for about 49.76% of the offering shares, with a 6-month lock-up period.
The cornerstone investors mainly comprise established financial investors and industrial investors with business operations in the retail, manufacturing, and AI technology sectors, indicating that Huitongda's successful track record in the lower-tier market and its long-term value is widely recognized by the market. Moreover, the expertise of cornerstone investors in the aforementioned areas will elaborate the synergy with the company, which will enhance the growth potential of Huitongda Network.
It is understood that Huitongda Network was a fast-growing commerce and service platform established in 2010, dedicated to serving business customers in China's retail market. The Chinese e-commerce giant, Alibaba, is its second-largest shareholder.
According to the Frost & Sullivan Report, in terms of the transaction value in the lower-tier market in 2020, Huitongda Network is the largest commerce platform serving businesses in the retail industry in China. After its dealing commences, it will be the first public company listed in Hong Kong focusing on the lower-tier market in China.
Zhitongcaijing APP was informed that Huitongda Network (09878), "the first public company focusing on the business in China's lower-tier market", has launched its initial public offering in Hong Kong. According to the source with knowledge of the deal, the institutional book of Huitongda Network has been oversubscribed.
Huitongda Network has introduced 6 cornerstone investors backed by Skyworth Group (0751.HK), SenseTime-W (0020.HK), Greenwoods Asset management, Gold Mantis Construction (002081.SZ), Sands Talk Capital, and Heilan Group (600398.SH) respectively. The cornerstone investors secure a total of US$150 million (HK$1.168 billion), based on the midpoint of the price range, accounting for about 49.76% of the offering shares, with a 6-month lock-up period.
The cornerstone investors mainly comprise established financial investors and industrial investors with business operations in the retail, manufacturing, and AI technology sectors, indicating that Huitongda's successful track record in the lower-tier market and its long-term value is widely recognized by the market. Moreover, the expertise of cornerstone investors in the aforementioned areas will elaborate the synergy with the company, which will enhance the growth potential of Huitongda Network.
It is understood that Huitongda Network was a fast-growing commerce and service platform established in 2010, dedicated to serving business customers in China's retail market. The Chinese e-commerce giant, Alibaba, is its second-largest shareholder.
According to the Frost & Sullivan Report, in terms of the transaction value in the lower-tier market in 2020, Huitongda Network is the largest commerce platform serving businesses in the retail industry in China. After its dealing commences, it will be the first public company listed in Hong Kong focusing on the lower-tier market in China.
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