Chinese companies race to list in Hong Kong before Ant′s IPO
ZTO Express, Zai Lab and Boazun look to raise a combined $3bn
HONG KONG -- Hong Kong is gearing up for at least three secondary share offerings by U.S.-listed Chinese companies looking to raise a combined $3 billion in the next 10 days -- before liquidity gets sucked by Ant Group's $30 billion IPO.
Delivery company ZTO Express has filed a prospectus to sell 45 million shares for as much as 268 Hong Kong dollars a piece, with an eye to raising up to $1.6 billion. Meanwhile Biotech company Zai Lab is looking to raise about $1 billion, while online retailer Baozun is aiming for around $500 million. All three are set to open up for share subscriptions over the next week, three people familiar with the matter said.
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