Kin Wai Financial News | Duodian Smart (02586) will start listing today, with a planned issuance of 25.774 million shares, of which 10% will be publicly offered in Hong Kong, and the rest will be internationally placed, with an additional 15% over-allotment option. The offering price per share will be 30.21 Hong Kong dollars, with a board lot size of 100 shares, requiring an entry fee of 3,051.46 Hong Kong dollars. UBS Group, CMB International, and China Merchants International are the joint sponsors. The shares are expected to be listed on December 6th.

The company expects to raise net proceeds of approximately 0.624 billion Hong Kong dollars, with around 42.1% to be used for developing new applications and service modules; 30% for talent recruitment related to our business expansion; 10% for selectively seeking strategic partnerships, investments, and acquisitions; 7.9% for expanding the sales network and enhancing brand reputation; the rest for working capital.

Duodian Smart's cornerstone investor is its business partner Milk Company, which will subscribe for 10.065 million shares, holding 1.14% if the over-allotment option is not exercised, with a lock-up period of six months.