Qingdao Gon Technology (HKG:2768, SHE:002768) raised HK$1 billion in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$36.00 per share, within the indicative range of HK$34.00 to HK$42.00, according to a Tuesday after-market filing with the Hong Kong Stock Exchange.

The China-based supplier of new chemical materials and gelatin- and collagen-derived products offered 30 million H shares in the global offering.

The Hong Kong public offering was 2,251.85 times subscribed, with a final allocation of 3 million shares, representing 10% of the total offering.

The international offering was 10.03 times subscribed, with a final allocation of 27 million shares, or 90% of the total offering.

Cornerstone investors, including Nice First Investments, SLD International Enterprises, Cheng A International, Shenwan Hongyuan Securities, First Seafront Fund Series SPC, New Harvest Wealth Securities, Luminous Horizon, and Fullgoal Asset Management (HK), were allotted a combined 8.87 million shares, representing 29.6% of the global offering, according to the filing.

Qingdao Gon Technology is set to begin trading on the Hong Kong Exchange on Wednesday, Feb. 4.