Sunday, July 7, 2019
Martin Hennecke

Scholar Education rises on 'gray'
<p>Shares of Scholar Education (1769), a K-12 after-school education service provider, rose 8.7 percent to HK$4 in the Bright Smart gray market before its market debut last night.</p><p>The Guangdong-based company raised about HK$384 million after pricing its initial public offering at HK$3.68, the lower end of the indicative price range. The float was 0.57 times oversubscribed in the retail tranche.</p><p>Meanwhile, shares of newly-listed Rizhao Port Jurong (6117), which surged 167 percent on its Wednesday debut, fell 23.75 percent to HK$3.05 yesterday.</p><p>Yesterday, Khoon Group, Singapore-based electrical engineering solutions provider, launched a Hong Kong IPO to raise as much as HK$150 million. It is offering 250 million shares at a targeted price range of HK$0.5 to HK$0.6, the minimum investment is HK$4,848.37 per 8,000 shares.</p><p>The company has attracted Conroy Cheng Chi-heng, executive director of New World Development (0017) and Chow Tai Fook Jewellery (1929), as cornerstone investors who agree to buy shares worth HK$20 million. It plans to make the main board debut on July 5.</p><p>In other news, local media reported that Hong Kong Exchanges and Clearing (0388) is investigating some IPO sponsors and that a former senior executive of the IPO vetting team is suspected of improper approvals. A spokesman of HKEX declined to comment.</p>
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