Wuzhou opens retail pitch in HK$1.7b offering

South China Morning Post 31 May 2013
Mainland company targets bulk of funds raised for land purchases and to get projects started. Mainland commercial developer Wuzhou International plans to raise up to HK$1.71 billion through an initial public offering in Hong Kong.
The company, which focuses on development and the operation of wholesale markets and commercial complexes in the Yangtze River Delta and Jiangsu province, begins the public offering today. It will close on June 5.
The shares are priced in the range of HK$1.15 to HK$1.50. The final price will be determined on June 5, while trading will begin on June 13.
About 60 per cent of the money raised from the public offering will be used to finance land acquisitions and develop projects for which the company has signed memorandums of understanding. About 30 per cent will be used to develop other projects, while the remaining 10 per cent will be used for operational expenditure.
Read more…