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BEIJING, November 4 (TMTPOST) — Giant Biogene Holding Co. Ltd., China’s largest supplier of collagen-based skincare products, was listed on the Hong Kong Stock Exchange on Friday.
Giant Biogene"s shares closed at HK$26.7(, up 9.88 percent over the issue price of HK$24.3, putting the company"s total marekt value at about RMB 26.5 billion ($3.7 billion).
Giant Biogene"s issue price was HK$24.31 (US$3.14) per share. The company sold 22,608,800 shares in the IPO or about 2.28% of the total equity capital after the issue. Ninety percent of the shares sold in the IPO were placed internationally and remaining 10% were offered in Hong Kong. If the over-allotment option is excised, additional shares, which is 15% of the initial IPO share count, would be sold. According to the offering results announced on Thursday, the Hong Kong public offering portion was oversubscribed by 2.08 times, and the international portion was oversubscribed by 4.22 times.
On Friday morning, Futu Securities and UBS were on the list of buyers, while GF Securities and J.P. Morgan sold shares on the same day. The intraday high was 25% above the isse price.
Participating institutions in the international offering include CSI Capital, GF Securities Asset Management (Guangdong) Co., Southern Fund Management Co., and Huatai Securities Co. Ltd. Their subscription as as a share of the total offering was 13.71%, 5.66%, 1.24%, and 0.04%, respectively.
Before the IPO, Giant Biogene completed a round of financing with investors including Hillhouse Capital, CITIC Industrial Investment, and Junlian Management. Among them, Hillhouse Capital held 4.99% of the Giant Biogene shares through GSUM XVIII Holdings Limited and HNTR V Holdings Limited, and CITIC Industrial Investment held 4.33% through CPE.
According to Giant Biogene, assuming the over-allotment option is not exercised, the net proceeds of the IPO would be approximately 496 million yuan ($63.18 million). As for the use of the funds, Giant Biogene intends to use approximately 46% of the proceeds to enhance its omnichannel sales and distribution network, approximately 28% to expand production capabilities related to the company"s product portfolio and bioactive ingredients, about 11% to invest in R&D to expand the team and facilities, and conduct testing and validation studies, nearly 10% for working capital and general purposes, and the remaining 5% to strengthen its operations and information systems.
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