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Doris Yu · · 1 min readTencent-backed Linklogis’ shares jump by 11% in Hong Kong IPO
“Chinese fintech firm Linklogis rose by as much as 11% on its debut in Hong Kong after pricing its US$1 billion initial public offering near the midpoint of an indicative range,” reported Bloomberg.
Details:
- The company’s shares increased by as much as 11% after it had priced them at HK$17.58 (US$2.26) each.
- The Tencent-backed firm didn’t make a profit for the last three years, though its revenue increased by 47% in 2020, according to its prospectus.
Context:
- The development comes after fintech firm Bairong fell by 16% during its first day of trading in Hong Kong last week. Shares of video-streaming service Bilibili also trended down.
- The Shenzhen-based Linklogis’ IPO happened after fintech peer Ant Group’s US$37 billion dual-listing was suspended last year due to regulatory issues.
Currency converted from Hong Kong dollar to US dollar: US$1 = HK$7.78.
Editing by Miguel Cordon and September Grace Mahino
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