Property management firm Xinchengyue rises on Hong Kong debut

S Enjoy Service

06/11/2018 05:10

** Shares of China-focused property management services
provider Xinchengyue Holdings Ltd  1755.HK  rise as much as 6.9
pct above its IPO price to HK$3.10 on the firm's first day of
trading, bucking weak sentiment in the broader Hong Kong market
    ** The stock later trims gains to HK$2.94, still up 1.4 pct
from its HK$2.90 IPO price
    ** The Hong Kong-based firm offered 200 mln shares in its
IPO, raising capital to expand its property management services
in China and to fund the purchase of property management service
providers (https://bit.ly/2SOZRAa)
 
    ** Company says its long-standing relationship with Chinese
property developer Future Land Group  1030.HK  has allowed it to
generate a steady pipeline of property management projects
    ** The Hong Kong benchmark index  .HSI  edges down 0.2 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)