Junlebao Dairy Group's Hong Kong listing application has lapsed after the six-month validity period expired. The company said it is a routine procedural adjustment and will refile documents after completing its extended financial audit.
Geri
Junlebao refiles HK IPO after 6-month application validity expires
Junlebao Dairy Group's Hong Kong IPO application lapsed after the six-month filing validity period expired, the company said.
"This is a normal process arrangement in Hong Kong listing filings," a person in charge of Junlebao said.
The company is advancing its extended financial audit in an orderly manner and will update and refile the application materials promptly upon completion, the person said.
The lapse delays Junlebao's path to a Hong Kong listing, though the company expects a swift refiling. The dairy group's listing plans come as Chinese consumer companies continue to seek overseas capital while the domestic IPO market remains sluggish. Junlebao, one of China's largest dairy producers, competes with Yili Industrial Group and China Mengniu Dairy Co. in the domestic market. Investors will watch for the refiled prospectus to assess the company's valuation relative to its listed peers.
In a related development, CICC expects Hong Kong Exchanges & Clearing Ltd. (0388.HK) to report a 13% year-over-year increase in second-quarter net profit, according to a note from the brokerage. The exchange operator benefits from a recovery in IPO activity and higher trading volumes.
This article is for informational purposes only and does not constitute investment advice.
