2019年7月7日星期日
 
專家論市
Martin Hennecke

Giant IPO kicks off today
 
05/07/2019
 
<p>Budweiser Brewing Company APAC, the regional arm of the world&#39;s largest brewer, Anheuser-Busch InBev, today launches the world&#39;s biggest initial public offering so far this year to raise up to HK$76.45 billion.</p><p>The largest brewer in the Asia-Pacific region believes it is worth a premium price as there are no companies in the market to compare with Budweiser, which has a leading position in the premium and super premium beer market, chief executive Jan Craps said.</p><p>Budweiser is offering 1.63 billion shares at an indicative price range of between HK$40 and HK$47. That represents a market valuation of up to HK$499.2 billion, higher than Tsingtao Brewery (0168) and China Resources Beer (0291).</p><p>Given that one board lot is 100 shares, the minimum investment is HK$4,747.36. The company will start trading shares on July 19.</p><p>When asked about the company&#39;s dividend policy, Craps said if the company has an adequate cash flow, it will consider using it for business investment first and then for acquisitions, with dividend distribution following.</p><p>Budweiser&#39;s IPO did not introduce cornerstone investors.</p><p>Driven by mega IPOs, the one-month Hong Kong interbank offered rate, which links to the mortgage rate, rose 29 basis points to 2.99429 percent yesterday, the highest in more than a decade, while the overnight Hibor jumped 84 basis points to 3.14250 percent.</p><p>The Hong Kong dollar also advanced to its strongest since May 2017 amid tightening liquidity, which climbed as much as 0.19 percent to 7.7827.</p><p>Meanwhile, Homeland Interactive Technology (3798) closed 26.67 percent higher than its issue price of HK$1.35 at HK$1.71 on its market debut yesterday.</p><p>Shares of Khoon Group (0924) surged 110 percent to HK$1.05 in the Bright Smart gray market before its first day of trading.</p>

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