Key Takeaways:
DAJIN (01081.HK) launched its Hong Kong IPO on Tuesday, offering 86.97 million H shares at a maximum of HKD66.4 each. The subscription runs through noon on June 2, with trading expected to begin June 5 on the Main Board.
Singapore sovereign wealth fund GIC joined nine other cornerstone investors, collectively subscribing USD358 million in shares. The group includes HHLR Advisors and Hillhouse Investment Management, CPE Juniper, UBS AM Singapore, Eastspring, Pinpoint, ICBC Wealth Management, Marshall Wace Asia Limited, Millennium, and PSBC Wealth Management.
About 10% of the offering is reserved for the Hong Kong public, with 90% allocated to international placing. The entry fee is HKD6,706.97 per board lot of 100 shares. Net proceeds are estimated at approximately HKD5.62 billion.
DAJIN, already listed on the Shenzhen Stock Exchange, is a core offshore wind power equipment supplier. The dual listing gives Hong Kong investors direct exposure to China's offshore wind supply chain as the country accelerates renewable energy capacity expansion. The company did not disclose the use of proceeds breakdown or lead underwriters in the preliminary terms.
The pricing gives DAJIN a valuation that will be tested against sector peers trading in Hong Kong, including other renewable energy equipment makers. First-day trading on June 5 will gauge institutional demand for China's offshore wind supply chain amid the country's push to expand clean energy capacity.
This article is for informational purposes only and does not constitute investment advice.
