LEGEND-HOLDINGS/IPO China's Legend Holdings edges up in HK debut after $1.96 billion IPO

Record ID: 148931

  • Title: LEGEND-HOLDINGS/IPO China's Legend Holdings edges up in HK debut after $1.96 billion IPO
  • Date: 29th June 2015
  • Summary: CHAMPAGNE FLUTES EXECUTIVES TOASTING ELECTRONIC BOARD READING (English) "HKEx (HONG KONG EXCHANGE) WELCOMES THE LISTING OF LEGEND HOLDINGS CORPORATION"
  • Embargoed: 14th July 2015 13:00
  • Keywords:
  • Location: China
  • Country: China
  • Topics: General
  • Reuters ID: LVA5JNN1X5JUMITI77VR3KG2M9AP
  • Aspect Ratio: 16:9
  • Story Text: Shares in China's Legend Holdings Corp rose slightly on debut on Monday (June 29) after the parent of the world's biggest PC maker Lenovo Group 0992.HK raised $1.96 billion in an initial public offering (IPO).
    Legend shares started at HK$43.15 (US$5.57), compared with an IPO price of HK$42.98 (US$5.54), while the benchmark Hang Seng index was down 0.8 percent.
    Legend Holding's Chairman and Executive Director Liu Chuanzhi, who founded the company in 1988, hit a gong in a ceremony to mark the company's listing at the Hong Kong Stock Exchange.
    The company's listing comes at a time when the Chinese economy grew at its slowest pace in six years at the start of 2015.
    Mainland Chinese stocks plunged over 7 percent last Friday (June 26), with one key index recording its biggest fall since 2008.
    Liu said he was confident his business would continue to grow.
    "There are many people in the Chinese middle class. Some former national policies, such as those in education and healthcare, have hindered the growth of the middle class' consumption. So when these policies are loosened, there are still many good opportunities," he said.
    Liu added he his focused on the long-term.
    "I am excited because this is a new milestone for myself and my colleagues. I am calm because we do not pay too much attention to the ups and downs of the stock market. What we care about is our long-term future," Liu said.
    The IPO was priced near the top of a HK$39.80 (US$5.13) to HK$43.00 (US$5.55) per share marketing range.
    The company secured $950 million worth of commitments from 24 cornerstone investors, including Hong Kong tycoons Cheng Yu Tung and Walter Kwok, and mainland Chinese investors such as Fosun International, CITIC Ltd and the asset management unit of Industrial and Commercial Bank of China Ltd .
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