Wuhan-based Zall Development has attracted three institutional investors (機構投資者)- including a fund controlled by the son of Henderson Land (0012) chairman Lee Shau-kee - to its HK$1.52 billion initial public offering (招股上市).
A fund (基金) owned by Martin Lee Ka-shing will invest an undisclosed sum (投資額不公開) in the IPO, the first by a mainland wholesale mall (批發商場) in Hong Kong. Zall will start trading on Wednesday after floating (note 1) 525 million share priced at HK$2.89 apiece - the lowest end (最低的訂價) of its indicative range.
Both the international and retail tranches (可供國際投資者和本地散戶認購的股份) have been oversubscribed (超額認購), with the firm attracting HK$50 million in margin financing orders. Zall said it will continue to develop and operate the North Hankou Project in Jiangxi province- its flagship (note 2) project with total site area of 1.5 million square meters, scheduled for completion in 2013.
Meanwhile, British luxury car maker Aston Martin is mulling (考慮) a possible listing on the local bourse to target growth in China, but the Warwickshire- based company has not set any fund raising target. As for mainland firms, mid-size (中型) lender China Everbright Bank is being backed by (支持) several cornerstone (note 3) investors before it formally kicks off (note 4) its IPO, according to Bloomberg. The lender plans to raise (集資) up to US$6 billion (HK$46.8 billion).
Popular restaurant chain South Beauty Co plans to turn to Hong Kong to raise funds after it shelved (note 5) an A-share listing plan last week. The company, which operates more than 60 restaurants across the mainland, may float here as soon as next year. Sun Art Retail Group, the mainland largest hypermarket operator, priced its shares at HK$7.20 apiece - the highest end of its range - due to overwhelming popularity. The shares start trading on Thursday.
From good to better English:
(note 1) float=發行、在股市流通。Float=飄流。Rumors were floating in the office about Victor’s impending resignation (謠言說Victor可能辭職一直在辦公室散佈)。The Hong Kong dollar isn’t floated. It is pegged to the US dollar (港幣不是自由浮動，它跟美元掛釦)。
(note 2) flagship=旗艦。Victor’s flagship language school is situated in Tsim Sha Tsui (Victor的旗艦語言學校位於尖沙嘴)。這句句子的意思是Victor最優良或最重要的一間分店位於尖沙嘴。
(note 3) cornerstone=柱石(an indispensable and fundamental basis)。Press freedom is the cornerstone of Hong Kong’s success (新聞自由是香港成功的基柱)。
(note 4) kick off=(start, 開始) 。kick=申斥、解雇、戒除毒癮。kick the ball back=把球踢回去。Kick oneself=嚴厲自責。I kicked Mo Mo upstairs = 我把Mo Mo踢上樓(即明升暗降)。Kick the bucket =去世。Kick up a fuss=引起騷擾、麻煩。Get a big kick out of =得到極大的快感。
(note 5) shelve=把上市計畫擱置。Dean Fung Supermarket workers stock the shelves after the shop closes at 10pm (Dean Fung超級市場員工待店鋪關門後才把貨物放置架子上)。
Victor’s View: It is heartening to see that so many mainland firms are planning to list in Hong Kong. Once again, we show the world that we can handle sizeable IPOs and other financial deals. As a financial center, let us not become complacent. We must be knowledgeable about all forms of investments and derivatives.
(Victor Fung Keung, director of HK Baptist University’s M.A. in international journalism program, has published 3 books on English-enhancement and plans to write 7 more by the end of 2012. Write to him: deanfungenglish@gmail.com)
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