Published On: Tue, Nov 7th, 2017

Tencent’s online edition arm set to lift $1B in Hong Kong IPO

Tencent’s China Literature, an Amazon-like e-book business, is stability a trend of Asian tech IPOs after it announced a open inventory in Hong Kong will lift $1.06 billion on Wednesday.

The association set a cost for its 151,371,800 share charity at HK$55, a tip finish of a range, and it could sell an additional 22.7 million by a greenshoe choice with underwriters.

The inventory follows Southeast Asia-based Sea (formerly Garena), also corroborated by Tencent, that lifted $880 million in a NYSE IPO final month, and is usually forward of gaming organisation Razer, that skeleton to lift $550 million on a Hong Kong Stock Exchange this month.

China Literature is spinning out from Tencent, that hold a 62 percent share pre-listing, with skeleton to deposit deeply in calm — not usually a stream concentration on literature, though also in anime, cinema and TV shows.

Currently, a business claims 9.6 million pieces of work from 6.4 million authors. The business record a 213.5 million RMB ($32.2 million) distinction for a initial half of 2017, adult from a 2.4 million RMB detriment one year previous, according to Bloomberg.

The organisation has already captivated outrageous seductiveness from investors — bullish on Tencent’s impasse and a business intensity — who were trade as high as $74 in a grey marketplace forward of a listing, Bloomberg reported.

Featured Image: Shutterstock

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