By Benjamin Robertson
Hong Kong Exchanges & Clearing Ltd Chief Executive Officer Charles Li is considering takeovers in the data, analytics and blockchain sectors
Out of 21 initial public offers (IPOs) in 2018, shares of 11 companies now trade below their issue price.
The shares will be offered to FIIs including one or more existing shareholders of Vietcombank and no more than 10 investors.
CooTek’s major shareholders include Qiming Funds (18.2 per cent), Sequoia (17.9 per cent), and SIG China (14.2 per cent).
Five IPOs have helped at least 16 tech bigwigs ring up a combined $48 billion of net worth at the time of the listings.
The Beijing-based developer will resubmit a listing application once there is sign of easing
Meituan’s performance is being seen as a test of investor appetite for Hong Kong listings against a backdrop of weak markets and previous multi-billion dollar IPOs that have struggled to hold above their issue price.
The Hong Kong listing will allow Geo Energy to tap a wider investor base and enhance its proximity to Mainland China and Hong Kong.
The changes are aimed to curb mis-selling of securities, market manipulation and insider trading
Tencent Music had earlier been seeking to raise up to $4 billion, which would have made it the biggest Chinese float in the United States so far in 2018, ahead of streaming company iQiyi’s $2.42 billion IPO in March.