SYDNEY : Chinese liquor company ZJLD Group is set to price its Hong Kong initial public offering (IPO) at HK$10.82 per share, two people with knowledge of the matter said, in a deal that would see the company raising HK$5.3 billion ($675.2 million).The company, which accounts for 69.5 per cent of the alco
SYDNEY : Chinese liquor company ZJLD Group is set to price its Hong Kong initial public offering at HK$10.82 per share, two people with knowledge of the matter said, in a deal that would see the company raising HK$5.3 billion .
The company, which accounts for 69.5 per cent of the alcoholic beverage market in China and is backed by U.S. private equity giant KKR & Co Inc, was offering about 490.7 million shares in a price range of HK$10.78 to HK$12.98 each.ZJLD makes baijiu, a colourless distilled spirit popular across China. Baijiu is considered China's national liquor and is the world's most consumed liquor, according to ZJLD's prospectus.
The IPO is the largest in Hong Kong so far in 2023 with the city's new share sales hit by global financial market volatility prompted by rising interest rates and banking sector turmoil. Dealmakers are hopeful a positive performance when ZJLD stock starts trading on April 27 could prompt more IPOs in the near future.
Some are pinning their hopes on Alibaba Group's announcement it will spin off six of its businesses into stand alone entities will help revive Hong Kong's IPO fortunes.
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