Four mainland firms to raise $640m in HK listings

Fineland, a Guangzhou-based developer, Shandong Shanshui Cement Group, ad agent CTV Gold Bridge International and menswear retailer Li Lang International are hoping to complete listing plans in Hong Kong before regulations require them to submit detailed financial reports, the South China Morning Post reported. The four companies’ listings are expected to raise a combined US$640 million in investor capital. Under Hong Kong rules, companies are required to submit additional financial reports if they fail to sell shares within six months of filing initial reports with Hong Kong Exchanges and Clearing. All four companies are nearing the end of their six-month windows. Hong Kong’s appetite for listings has weakened this year: the market for initial share offers so far this year is down 57.2% compared to the same period last year.