Shouhui (HKG:2621) launched its initial public offering in Hong Kong Thursday, seeking to raise up to HK$196.8 million from the deal.
The life and health insurance company is offering up to 24,358,400 shares expected to be priced between HK$6.48 and HK$8.08 per share, according to a Thursday filing with the Hong Kong bourse.
Shouhui expects to determine the IPO price on May 28 and disclose allocation results on May 29. Shares will begin trading on the stock exchange on May 30.
The insurer intends to use the proceeds to boost its sales and marketing, research and development, and technology capability in the next five years.
It also intends to use the proceeds to fund mergers and acquisitions in the next three to five years, and fund working capital.
Shouhui attracted HiTai HK and Taller industrial as cornerstone investors.
China International Capital Corp. Hong Kong Securities, Huatai Financial Holdings (Hong Kong), CCB International Capital, CLSA, CMB International Capital, Futu Securities International, Patrons Securities, TradeGo Markets, Tiger Brokers (HK) Global, and Maxa Capital, are the joint bookrunners and lead managers of the IPO.
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