Lifestyle products firm Osim is relisting on the Hong Kong bourse while Hong Kong’s National Arts is seeking to list its spin-off on the SGX as a business trust.
Osim relisting as V3 in Hong Kong
Osim, known for its massage chairs and relaxation products, is relisting on the Hong Kong Stock Exchange (HKSE) as V3 following its delisting from the Singapore Exchange (SGX) last year.
The initial public offer (IPO) in Hong Kong remains unpriced despite the submission of a preliminary prospectus. Credit Suisse, Bank of China International and Jeffries are the joint sponsors for the IPO.
It posted total revenue for the year ended 31 December 2016 at S$577 million, according to details in the draft prospectus. In March 2016, Osim founder and CEO Ron Sim conducted a S$1 billion takeover of the company he founded through his vehicle Vision Three.
It was among a number of delistings from the SGX in 2016, which saw Electronics group Aztech, shipping firm Neptune Orient Lines, transport operator SMRT and budget carrier Tigerair privatised in H2 2016. The lack of liquidity and negative market sentiment were cited as reasons for these delistings.
HK-based National Arts to list assets in Singapore
Hong Kong-listed National Arts Entertainment and Culture Group is seeking to list its spin off, Xiqiao National Arts Film Studio Project, as a business trust or real estate investment trust (REIT) on the Singapore Exchange (SGX) and raise S$120 million.
National Arts Entertainment focuses on film production and media. Net proceeds from the proposed Singapore listing will be used for repayment of debt and general working capital. The listing is subject to the maximum limit of 60 per cent of the total market capitalisation of listed units.
It has entered into an agreement with Skeel Advisors to provide consulting services on the listing and arrange underwriter for the possible formation of either a business trust or REIT on the Singapore bourse.
This listing will see the injection of the company’s Xiqiao National Arts Film Studio and National Arts Resort Hotel (collectively the Xiqiao National Arts Film Studio Project).