Tencent-Backed Linklogis Seeks USD1.1 Billion in Hong Kong IPO

March 29, 2021 7:50 pm

Beijing (PingWest)- Tencent Holdings-backed fintech company Linklogis is seeking to raise around HKD8.28 billion (USD1.1 billion) via an initial public offering in Hong Kong Stock Exchange.

The Shenzhen-based company is selling 452.9 million shares at HKD16.28 to HKD18.28 apiece, according to its IPO prospectus.

The company plans to list on the exchange on April 9.

Linklogis is China's largest provider of technology solutions for supply chain finance and has taken a 20.6% market share, the company's claimed in its prospectus , citing data from research company China Insights Industry Consultancy.

Aside from Tencent, other backers of Linklogis include Singapore's sovereign wealth fund GIC and Standard Chartered. The IPO also has attracted the USD365 million of investments from six cornerstone investors, according to the prospectus.

Linklogis joined a spree of initial and secondary share offering on the Hong Kong Stock Exchange.

According to data compiled by Refinitiv, Chinese companies raised USD9.6 billion across 22 deals on Hong Kong Stock Exchange in the first two months of 2021, making the highest-ever IPO proceeds raised on the city’s stock exchange for the first two months of January and February.

However, some recent offerings in the city’s exchange have seen disappointing debuts, with shares price of search giant Baidu and online streaming site Bilibili trading below their issue price in the first couple of days.