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Zhongtian seeks $121m from IPO.
(From The Standard)
Byline: Mark Lee
Zhongtian International, a software and IT services provider on the mainland, said it aims to raise up to HK$121 million in its initial public offering in Hong Kong to strengthen its business to sell financial services applications software systems to rural credit co-operatives in China.
The Qingdao-based group is selling a total of 100 million shares, or 25 per cent of its enlarged share base, at an indicative price range of HK$0.77 to HK$1.21 per share, pricing the group at between 7.1 and 11.1 times its 2003 earnings. Retail subscribers are allotted 10 per cent of the offering with the remainder going to institutional investors.
First Shanghai Capital is the lead arranger of the deal and the IPO will be priced by September 20 with trading to begin on September 22. The management will use the proceeds from the share sale to strengthen its research and development efforts in financial services software systems.
Zhongtian has a 24 per cent share of the mainland market in providing software to rural credit co-operatives, ahead of rivals such as Hong Kong-listed Digital China, research firm IDC said. Business with rural credit co-operatives ...
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