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Trust firm opens HK IPO
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SHANDONG International Trust Co Ltd became China’s first trust company to launch a H-share initial public offering in Hong Kong yesterday, according to a latest filing from Luxin Venture Capital Group Co, one of its shareholders.
The H-share IPO of 676.5 million shares, which had been approved by the China Securities Regulatory Commission earlier this year, were being offered at an indicated price range of HK$4.46 to HK$5.43 (57 to 70 US cents) per share, allowing the company to raise as much as 2.97 billion yuan (US$450 million), said reports from the South China Morning Post.
The company will become the first Chinese trust firm to list successfully since 1994, when Shaanxi International Trust Co and Anxin Trust Co sold shares in the A-share market.
Formed in 1987, Shandong International Trust has 255 billion yuan of assets under management in 2016 to rank 25th in the industry, the company said. Shandong High-tech Investment Corporation Co Ltd, a wholly-owned subsidiary of Luxin Venture Capital, owns 6.25 percent of the trust firm.
China has 68 trust companies managing combined assets worth 23.1 trillion yuan as of the first half of this year, data from China Trustee Association showed.
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