Plan delayed: A man walks past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange. Market slump has prompted many companies to put their IPO plans on hold. — AP
HONG KONG: Tencent Holdings-backed online Chinese travel firm Tongcheng-Elong has launched a far smaller-than-expected Hong Kong initial public offering (IPO) of up to US$233mil, amid a weak stock market and a string of poor performances from recent listings in the city.
Tongcheng-Elong, which is also backed by travel website Ctrip.Com International, is selling about 143 million shares at a price range of HK$9.75-HK$12.65 (US$1.24-US$1.61), giving it a potential valuation of US$3.65bil, according to a term sheet seen by Reuters.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
