China’s real estate developer Shinsun Holdings announced today that its public offer has received 7216 applications in total and is under-subscribed.
The stock is priced at HK$5.59, the mid of its offer price range, and will be listed on Main Board Nov 18 under the code of 2599.
CCB International and ABC International are joint sponsors on this deal.
Headquartered in Shanghai, Shinsun is a real estate developer in China with a focus on residential properties.
According to the China Real Estate Index System, the company was ranked third among all residential property developers in Zhejiang Province in 2019 in terms of contracted sales, accounting for approximately 5.1% of the total property contracted sales in Zhejiang Province. According to CRIC, Shinsun was ranked the 28th among all the developers in mainland China in 2019 in terms of contracted sales.
The company is growing rapidly over the past three years. Its revenue increased from 6,293.3 million yuan in 2017 to 35,519.5 million yuan in 2019, representing a CAGR of 137.6%.
As of July 31, 2020, the company had 205 property projects at various stages of development, comprising 181 projects developed by its subsidiaries and 24 projects developed by its joint ventures and associates.