According to the Zhitong Finance App, Zhongan Smart Life (02271) announced the placement results. The sale price was set at HK$1.18 per share. The final number of shares distributed to the public offering in Hong Kong was 126.68 million shares for sale. The final number of internationally offered shares available for subscription under the international offering was about 113 million shares sold, and the overallocation rights have not yet been exercised. Each lot is 2,000 shares. The shares are expected to begin trading on the Main Board of the Stock Exchange at 9:00 a.m. (Hong Kong time) on July 18, 2023 (Tuesday).
After deducting underwriting commissions and other estimated expenses already paid and payable by the company for the global offering and assuming that no over-allotment rights have been exercised, the net proceeds from the global offering are estimated to be around HK$91.7 million. About 55.0% will be used for strategic acquisitions and investments in property management companies; about 30.0% will be used to invest and upgrade hardware and software for the company's project development community; and about 15.0% will be used for the company's community value-added services to improve service supply, scale and efficiency.
Among them, the initial shares offered for sale in Hong Kong under the Hong Kong Public Offering were moderately oversubscribed. A total of 1,690 electronic subscription instructions have been issued to Hong Kong Settlement through the Central Settlement System and valid applications submitted through the online white form service based on the Hong Kong Public Offering. A total of 23.328 million shares have been subscribed, which is equivalent to the total number of 126.68 million shares initially available for subscription in Hong Kong about 1.84 times the total number of shares offered for sale in Hong Kong. The final number of shares for sale distributed to the Hong Kong public offering was 126.68 million shares for sale, which is equivalent to about 10.0% of the total number of shares initially available for subscription under the global offering.
A total of 19 valid applications for the subscription of reserved shares made by eligible Zhongan shareholders based on the Online Blue Watch Service and the Blue Application Form were received to subscribe for a total of about 659,800 reserved shares, which is equivalent to about 0.05 times the total number of 126.68 million reserved shares initially available for subscription under the Priority Sale. Approximately 659,800 reserved shares have been distributed to eligible Zhongan shareholders. All unsold reserved shares are available for subscription under international offerings.
The shares initially offered for sale under the international offering have been slightly oversubscribed, which is equivalent to about 1.63 times the total number of the 114 million shares initially available for subscription under the international offering (including about 659,800 reserved shares under the priority offering) (before any over-allotment rights are exercised). The final number of internationally offered shares available for subscription under the international offering was approximately 113 million shares for sale, equivalent to 89.5% of the total number of shares initially available for purchase under the global offering (before any over-allotment rights were exercised).
According to section 13 (7) of the placement guidelines for equity securities contained in Appendix 6 of the listing rules, 17.1 million shares offered under the international offering were sold to Guotai Junan Financial Products Limited, which is a joint bookkeeper and an associated customer of Guotai Junan Securities (Hong Kong) Limited, one of the joint lead managers.
Based on the sale price of HK$1.18 per share offered, according to the Cornerstone Investment Agreement, Cornerstone Investors will be allocated a total of 17.532 million shares for sale, accounting for about 13.8% of the shares offered for sale based on the global offering, and about 3.5% of the total issued shares and issued share capital following the capitalized issuance and completion of the global offering (assuming that no overallocated shares have been exercised).