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| Monday, 31 May 2021, 12:21 HKT/SGT | |
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HONG KONG, May 31, 2021 - (ACN Newswire) - CENTRAL CHINA MANAGEMENT COMPANY LIMITED ("CCMGT" or the "Company", stock code: 9982.HK), a leading property project management company in China, is officially listed and commenced trading on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK") today.
CCMGT debuted in the Hong Kong stock market via spin-off and the Global Offering. The total number of shares of the Company amounts to approximately 3.282 billion, among which 10% were offered through the Global Offering, constituting 328,172,000 shares, with the final offer price determined at HK$3.00 per offer share. The net proceeds from the Global Offering to be received by the Company, after deduction of the underwriting fees and commissions and estimated total expenses payable by the Company in connection with the Global Offering, are estimated to be approximately HK$916.18 million.
The Hong Kong Public Offering received satisfactory response, where the total number of valid applications amounted to approximately 4.99 times of the total number of offer shares initially available for subscription. As for the International Offering, the total number of valid applications amounted to approximately 1.72 times of the number of offer shares initially offered under the International Offering. The final numbers of Hong Kong offer shares and International offer shares are respectively 32,818,000 and 295,354,000, respectively representing 10% and 90% of the total number of the offer shares initially available under the Global Offering before any exercise of the Over-Allotment option.
In contrast to traditional real estate developers, CCMGT operates under an asset-light business model without bearing the land acquisition and construction costs, hence well positioned to benefit from the fast growing PRC project management industry and expand its business rapidly. In 2020, the Company's projects under management recorded an aggregate gross floor area ("GFA") sold of approximately 5.7 million sq.m., and the CAGR of total contract sales amount from 2017 to 2020 was 71.5%, both of which ranked No.1 among all of its peers in China. With a strategic focus on Henan province, the Company has successfully leveraged its well established platform to copy its business model in Hebei, Shanxi, Shaanxi, Xinjiang, Anhui and Hainan provinces and autonomous region. As of May 11, 2021, CCMGT had 234 projects with a total GFA under management of 28.4 million sq.m. in 107 cities across seven provinces and autonomous region in China.
Since its inception, CCMGT has accumulated abundant experience and know-how in project management services. The Company manages property development projects on behalf of Project Owners throughout the entire property development process, providing professional services ranging from project research and approval, project design and planning, construction and cost management, promotion and sales management to delivery of the final property to the ultimate property buyers. Furthermore, the Company has established a network of qualified contractors and suppliers across the real estate development value chain, not only ensuring and enhancing the quality of projects managed by it but also strengthening the "Jianye" brand as a premium brand, which can thus receive a wide recognition by Project Owners and ultimate property buyers.
Mr. Wu Po Sum, Chairman and non-executive Director of CENTRAL CHINA MANAGEMENT COMPANY LIMITED: "CCMGT's successful debut in the Hong Kong stock market marked a milestone in its development and demonstrated global investors' profound recognition for its strategic model, growth potential and management team. We are so proud of it and would like to express our gratitude to all investors for their trust in and support to CCMGT. From a new starting point, we will continue strengthening our penetration in Henan province and expanding to the 'Greater Central China' region, meanwhile enriching the types of services as well as improving the quality of products and services, in order to enhance the market recognition of the 'Jianye' brand and achieve our vision of 'United with Jianye, together we grow'."
Topic: Press release summary
Sectors: Real Estate & REIT
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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