[ET Net News Agency, 5 May 2020] Central China New Life Limited (09983), a
comprehensive service provider rooted in Central China, said it intends to offer 300
million shares (subject to the over-allotment option), 90% of which are for the
international placement (subject to reallocation and the over-allotment option) and the
remaining 10% is for the Hong Kong public offering (subject to reallocation).
The offer price is between HK$5.60 and HK$7.20 per share. Assuming the offer price is
HK$6.40 per share, being the mid-point of the indicative offer price range, the company is
expected to receive net proceeds of HK$1,785 million from the global offering.
The application for Hong Kong Public Offer shares commenced today and will end at noon
on 8 May. The final offer price and allotment results are expected to be announced on 14
May. Trading of its shares is expected to commence on 15 May.
Approximately 60% of the net proceeds from the global offering will be used to pursue
strategic investment and acquisition opportunities to further expand its property
management business portfolio and value-added services. Around 15% will be used to enhance
its "Jianye+" platform to optimize users' experience. Approximately 15% will be used to
invest in advanced information technologies to improve operational efficiency. The
remaining 10% will be used for working capital and other general corporate purposes.
BNP Paribas Securities (Asia) is the sole sponsor of the listing, while BNP Paribas
Securities (Asia), Morgan Stanley Asia, DBS Asia Capital are the joint global
coordinators, joint book-runners and joint lead managers. (KL)