Tencent Backed Anjuke Group Mulls Hong Kong IPO
April 07 2021 - 8:56PM
Dow Jones News
By P.R. Venkat
Tencent-backed Anjuke Group has filed an application for an
initial public offering in Hong Kong, becoming the latest
technology firm to tap the active equity fund raising market in the
Asian financial hub.
The company that provides data and technology to the real estate
industry has appointed BofA Securities, Credit Suisse, and CICC as
joint sponsors for the proposed offering, an application filed to
the Hong Kong stock exchange showed Thursday.
Anjuke didn't disclose the offer size nor the timing of the
IPO.
Apart from Tencent, which has a 14.1% stake in the company,
Anjuke counts private equity firm Warburg Pincus and General
Atlantic as its shareholders.
The IPO plan is the latest in a string of multi-billion deals
that are happening in Hong Kong, many involving Chinese technology
startups or other companies catering to China's increasingly
affluent consumers.
Earlier this year Tencent-backed Kuaishou Technology that
competes with ByteDance Ltd. raised 5.4 billion U.S. dollars in an
IPO. Other firms such as Baidu Inc., which is already listed on the
Nasdaq, raised nearly $3.1 billion in its Hong Kong offering.
Anjuke which was established in 2007 to engage in property and
advertising services was acquired by New York Stock Exchange listed
company 58.com in 2015. In 2020, the controlling shareholder 58.com
itself was taken private and delisted in NYSE by a consortium.
That privatization was financed through a term facility of $1.65
billion for a term of seven years and a two-year bridge loan
facility of about US$800 million.
For the year ended 2020, Anjuke Group's revenue rose 6.2% from
the previous year to 8.05 billion yuan ($1.23 billion).
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
April 07, 2021 20:41 ET (00:41 GMT)
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