Property management firms Shimao Services, KWG Living slide in Hong Kong debut

Shimao Services Holdings

30/10/2020 04:47

** Shares of property management groups Shimao Services
Holdings Ltd  0873.HK  and KWG Living Group Holdings Ltd
 3913.HK  trade lower in their Hong Kong debut\, but lagged the
broader market's slide of 0.03%  .HSI  
    ** The property management arm of Shimao Group Holdings Ltd
 0813.HK  slips as much as HK$l5 on its debut, down 9.6% from
the IPO price of HK$16.60
    ** Stock last traded at HK$16, still down 3.6% from the IPO
price; ranks as ninth most actively traded share by turnover  
    ** Shanghai-based Shimao Services had raised HK$9.76 bln
($1.26 bln) from the sale of 588 mln shares, aiming to expand
business and upgrade its infotech system  urn:newsml:reuters.com:*:nFWN2HJ1J6
    ** Shares of another newcomer, KWG Living Group Holdings Ltd
 3913.HK , fall as much as 21.4% on the first day of trade
    ** Stock of property management unit of KWG Group Holdings
Ltd  1813.HK  down 13.9% from the IPO price of HK$7.89 apiece
    ** Guangdong-based KWG Living sold 383 mln shares in Hong
Kong IPO, raising HK$3 bln to fund acquisitions and business
expansion  urn:newsml:reuters.com:*:nFWN2HJ1J5
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  gains 0.4%
    ** The Hang Seng China enterprises index  .HSCE  slides
0.2%, while the benchmark  .HSI  edges down 0.03%
    ($1 = 7.7500 Hong Kong dollars)
    

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