Futu News, July 12, this Tuesday $NOAH HOLDINGS (06686.HK)$According to the announcement, the company will issue 1.1 million shares, priced at HK$292 per share, with 20 shares per lot. It is expected to be listed on July 13.
At the public sale stage, Noah Holdings was subscribed 3.26 times, and the final number of shares distributed until the public sale was 110,000 shares, accounting for about 10% of the total number of shares offered (before any over-allotment rights were exercised). A total of 1,216 valid applications were received, and the first-hand winning rate was 100%.
Furthermore, the international offering has been oversubscribed. The final number of shares offered was 990,000 shares, which is equivalent to about 90% of the total number of shares offered (before any overallotment rights are exercised). Futu Information collates the relevant data in the following table:
In terms of financing, the company plans to use the net proceeds from the global sale of approximately HK$270 million for the following purposes: about 35% will be used to further expand the company's wealth management business; about 20% will be used to selectively invest in potential investments; about 10% will be used for internal technology research and development investments in the company's various business lines; about 10% will be used to expand overseas business; and about 10% will be used for general corporate purposes.
The company is a leading high-net-worth wealth management service provider in China with global asset management capabilities. According to Frost & Sullivan, in terms of total revenue in 2021, the company is the 8th largest wealth management service in China...