ShiFang Seeks to Raise $109 Million in Hong Kong Share Sale
ShiFang Holding Ltd., a Chinese advertising and bulk media-buying company, aims to raise as much as $108.8 million in a Hong Kong initial public offering, it said in a statement today.
CCB International Capital Ltd. is leading the sale of 183 million shares, to be priced between HK$3.03 (39 U.S. cents) and HK$4.61 apiece on Nov. 25, Fuzhou-based ShiFang said. The shares are set to start trading on Dec. 3.
A fund managed by Templeton Asset Management Ltd. holds a minority stake in the company, according to the offering prospectus.
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