The Hangzhou-based company will offer 55.9 million shares at a price of HK$10.95 each, with expected proceeds of HK$485 million after underwriting fees and expenses, according to a prospectus filed with the Hong Kong Stock Exchange on Wednesday. .
The company, which provides cross-border e-commerce payment services, announced Wednesday that it will begin accepting orders from investors, with the listing set for March 28.
Last year, 27 IPOs, or 42% of the total, ended the year with sales below their offering price, according to Bloomberg data. IPO value in Hong Kong in 2023 fell 53.5% year-on-year to US$5.9 billion from 68 listed companies, the lowest level in 20 years, according to Refinitiv data.
Chinese ride-hailing startup Dida also revived its plans to list in Hong Kong, according to an exchange filing on Tuesday. The company is aiming to raise about $200 million, according to sources reported by Bloomberg.
IPO drought ends windfall; Hong Kong bankers in 'survival mode'
IPO drought ends windfall; Hong Kong bankers in 'survival mode'
LianLian said the proceeds from the listing will be used to strengthen its technological capabilities and expand its global business operations over the next five years, including in Southeast Asia, the Middle East and South America.
Specifically, the funding will be used for plans such as building an advanced modular decentralized payments platform, enhancing its risk management platform using generative artificial intelligence, and developing a scalable, decentralized, cloud-based data center. LianLian said.
Cornerstone investors Hangzhou Urban Investment and Hangzhou High-Tech Venture Capital will subscribe for a total of HK$364 million in Lianlian shares. CICC and JP Morgan will serve as general coordinators for the IPO.
Geely-owned smartphone maker nominates bank for Hong Kong IPO: Officials
Geely-owned smartphone maker nominates bank for Hong Kong IPO: Officials
Founded in 2009, LianLian has 64 payment licenses and certifications worldwide as of the end of 2023, operates in over 100 countries, and supports over 130 currencies. According to market research firm Frost & Sullivan, the company holds the most extensive global license of any China-based provider of digital payment solutions and claims to be the only license holder in every U.S. state. ing.
The company has previously raised funding through investments from Boyu Jingtai, Everbright Investment, China International Capital Corp, Sequoia Zhensheng and others.
The main board of Hong Kong exchange clearers fell to eighth place in the 2023 global IPO rankings, its lowest since 14th place in 2001, according to Refinitiv. The city last topped the league in 2019, when it raised US$40 billion in 144 IPOs.
