Legend Holdings 3396

Legend Holdings 3396

Postby winston » Tue Jun 02, 2015 9:30 am

Chinese Conglomerate Legend to Seek Hong Kong IPO

Beijing based company is largest shareholder in Lenovo

By YVONNE LEE And PRUDENCE HO

HONG KONG—Legend Holdings Corp., the Chinese conglomerate that is the largest shareholder in Lenovo Group Ltd., is planning to seek approval for an IPO of as much as US$2 billion from the Hong Kong STOCK EXCHANGE Thursday, people with direct knowledge of the deal said.

In Hong Kong, companies that want to list initial public offerings need to get approval from the city’s STOCK EXCHANGE before doing so.

If Legend, based in Beijing, gets the go-ahead Thursday, it will begin sounding out investors for a Hong Kong listing next week, and if the feedback is positive, it will launch its IPO and take orders the following week, the people said. That schedule would mean Legend would list by the end of this month, the people said, adding the final timetable depends on MARKET conditions.

Legend’s IPO has been long anticipated by investors seeking insights into one of the country’s oldest state-linked conglomerates. Apart from controlling PC-maker Lenovo, which bought International Business Machines Corp.’s personal-computer business a decade ago, Legend has interests in real estate across China and controls Hony Capital, a Chinese private-equity firm.

The firm was founded in 1984 by Liu Chuanzhi and 10 other researchers with FUNDING of $30,000 from the Chinese Academy of Science, a government research think tank.

Legend has hired four BANKS, including China International Capital Corp., UBS AG, Goldman Sachs Group Inc. and Morgan Stanley, to handle its planned Hong Kong listing, the people said.

Source: WSSJ
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Re: Legend IPO

Postby winston » Thu Jun 04, 2015 6:45 am

Legend, the parent of Lenovo Group (0922), expects to raise up to HK$15.6 billion and to start TRADING by the end of this month.

The Beijing-based company holds a 30.55 percent stake in Lenovo the world's biggest personal computer maker.

It has invited four investment banks to underwrite the IPO, namely China International Capital Corporation, UBS, Goldman Sachs, and Morgan Stanley, The Wall Street Journal reported.

Source: The Standard HK
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Re: Legend IPO

Postby winston » Sat Jun 13, 2015 10:31 am

Legend Holdings Plans $1.96 Billion IPO in Hong Kong

Listing could be third-largest in city this year

By PRUDENCE HO

HONG KONG—Legend Holdings Corp., which is the largest shareholder in personal-computer maker Lenovo Group Ltd., aims to raise as much as US$1.96 billion in an initial public offering in Hong Kong, in what could be the third-largest IPO in the city this year.

The Beijing-based firm, which is expected to take orders from investors Monday, is planning to sell 353 million shares at HK$39.80 to HK$43 each, a person familiar with the deal said Saturday.

The firm has secured at least US$700 million of orders from more than 20 cornerstone investors, who agreed to buy and hold the shares for a certain period once the firm is listed, the person said.

Should Legend go public, it could become the third-largest IPO in Hong Kong this year after the US$4.5 billion listing of China brokerage firm HTSC, or Huatai Securities, in May, and the US$4.1 billion IPO by another securities firm GF Securities Co. in March, according to Dealgoic.

So far this year, Hong Kong raised US$12.5 billion in IPOs, making it the top global listing venue, followed by the Shanghai Stock Exchange and the New York Stock Exchange.

Legend, which holds a 30.6% stake in Lenovo, was founded in 1984 by Liu Chuanzhi and other researchers with $30,000 in funding from the Chinese Academy of Science, a government research think tank.

Apart from Lenovo, which went public in Hong Kong two decades ago, Legend also has interests in real estate throughout China and controls Chinese private-equity firm Hony Capital.

Source: WSJ
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Re: Legend IPO

Postby winston » Mon Jun 15, 2015 7:00 am

Legend IPO attracts 20 cornerstone investors

by Kanis Leung


Three companies will open retail books tomorrow for their initial public offerings, led by Legend Holdings, the parent of Lenovo Group (0992), which is seeking up to HK$15.29 billion.

The Beijing-based conglomerate, headed by Liu Chuanzhi, kicks off its roadshow today and plans to sell 353 million shares at HK$39.80 to HK$43 apiece,

The Wall Street Journal reported.

The retail bookbuilding ends on Friday, with trading slated for June 29.

More than 20 cornerstone investors have subscribed to at least HK$5.46 billion worth of shares.

This could be the SAR's third-largest IPO this year, following the listings of HTSC (6886) and GF Securities (1776).

Legend intends to use proceeds for strategic investments and development of existing business.

Source: The Standard HK
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Re: Legend IPO

Postby winston » Mon Jun 15, 2015 7:18 am

Legend plans Hong Kong listing

By Chen Qingqing


Chinese investment firm Legend Holdings Corp is reportedly to raise $1.96 billion in an IPO in Hong Kong, a move which analysts said is intended to invest more in its core businesses besides information technology (IT).

The parent company of the world's largest PC maker Lenovo Group, Legend is expected to issue $353 million shares at a range of HK$39.8 ($5.13) to HK$43 each, taking orders from investors on Monday, the Wall Street Journal reported Friday.

It could be one of the largest IPOs in the Hong Kong stock market in 2015, according to the report.

Legend couldn't be reached for comment on Sunday by press time.

The group's upcoming roadshow in Hong Kong is expected to be significant as it will show Legend's intent to explore opportunities in different sectors besides IT in the near future, Wang Yaqian, an analyst from Beijing-based market research consultancy iResearch, told the Global Times on Sunday.

"Once listed, the company will benefit from a new investment channel," Wang said, noting that Legend could invest more in its financial services segments, which will financially support its core businesses such as real estate and agriculture.

According to the IPO prospectus filed to the Hong Kong Exchanges and Clearing Ltd by the group in April, Legend holds 31 percent of Lenovo's shares and has investments in five different financial services providers.

Besides, the company has proposed about 598 million yuan ($96.3 million) in addition to $58.5 million in 14 equity investments as strategic investment since January, while also targeting at an Internet medical service provider, the prospectus showed. The filing did not disclose the number or the price of shares to be listed.

Still, the core IT business, mainly comprising consumer electronics and cloud services, contributed about 94 percent to Legend's total revenue of 289.5 billion yuan in 2014, according to the filing.

After acquiring IBM's PC business in 2004, Lenovo has maintained a leading position in the global PC market, ranking as the largest PC vendor worldwide by shipments with 19.6 percent in the first quarter of 2015, according to a report issued by US market research firm International Data Corp in April.

The group's financial services and real estate investments accounted for less than 1 percent of the total revenue.

"Though the IT business is seen as Legend's pillar, the group needs to develop other businesses to try to become the Chinese equivalent of General Electric [GE]," Wang noted.

Liu Chuanzhi, founder of Legend, was quoted by Beijing-based magazine China Newsweek in May 2014 as saying that in terms of business diversification, he was inspired by GE.

Liu Dingding, an analyst from Beijing-based Internet intelligence agency Sootoo, echoed Wang's view, noting that Legend is seeking to reduce dependence on its IT sector, especially after the company has seen rising profits in other segments like car rental business.

China Auto Rental Holdings Inc (CAR Inc), in which Legend holds 64.49 percent stake, recorded 926 million yuan revenue in the first quarter of 2015, an increase of 37 percent from the same period in 2014, according to the company's financial report published in May.

Liu from Sootoo noted that in the next decade, Legend will expand its non-­conventional businesses while maintaining its PC strengths.

Although the IT business accounted for a large part of Legend's total revenue, the gross profit margins of the company's property and chemical businesses both surpassed 30 percent of its total profit margins in 2014, he said. "Those are the sectors with potential for Legend."

Source: Global Times
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Re: Legend IPO

Postby winston » Mon Jun 15, 2015 7:18 am

Legend plans Hong Kong listing

By Chen Qingqing


Chinese investment firm Legend Holdings Corp is reportedly to raise $1.96 billion in an IPO in Hong Kong, a move which analysts said is intended to invest more in its core businesses besides information technology (IT).

The parent company of the world's largest PC maker Lenovo Group, Legend is expected to issue $353 million shares at a range of HK$39.8 ($5.13) to HK$43 each, taking orders from investors on Monday, the Wall Street Journal reported Friday.

It could be one of the largest IPOs in the Hong Kong stock market in 2015, according to the report.

Legend couldn't be reached for comment on Sunday by press time.

The group's upcoming roadshow in Hong Kong is expected to be significant as it will show Legend's intent to explore opportunities in different sectors besides IT in the near future, Wang Yaqian, an analyst from Beijing-based market research consultancy iResearch, told the Global Times on Sunday.

"Once listed, the company will benefit from a new investment channel," Wang said, noting that Legend could invest more in its financial services segments, which will financially support its core businesses such as real estate and agriculture.

According to the IPO prospectus filed to the Hong Kong Exchanges and Clearing Ltd by the group in April, Legend holds 31 percent of Lenovo's shares and has investments in five different financial services providers.

Besides, the company has proposed about 598 million yuan ($96.3 million) in addition to $58.5 million in 14 equity investments as strategic investment since January, while also targeting at an Internet medical service provider, the prospectus showed. The filing did not disclose the number or the price of shares to be listed.

Still, the core IT business, mainly comprising consumer electronics and cloud services, contributed about 94 percent to Legend's total revenue of 289.5 billion yuan in 2014, according to the filing.

After acquiring IBM's PC business in 2004, Lenovo has maintained a leading position in the global PC market, ranking as the largest PC vendor worldwide by shipments with 19.6 percent in the first quarter of 2015, according to a report issued by US market research firm International Data Corp in April.

The group's financial services and real estate investments accounted for less than 1 percent of the total revenue.

"Though the IT business is seen as Legend's pillar, the group needs to develop other businesses to try to become the Chinese equivalent of General Electric [GE]," Wang noted.

Liu Chuanzhi, founder of Legend, was quoted by Beijing-based magazine China Newsweek in May 2014 as saying that in terms of business diversification, he was inspired by GE.

Liu Dingding, an analyst from Beijing-based Internet intelligence agency Sootoo, echoed Wang's view, noting that Legend is seeking to reduce dependence on its IT sector, especially after the company has seen rising profits in other segments like car rental business.

China Auto Rental Holdings Inc (CAR Inc), in which Legend holds 64.49 percent stake, recorded 926 million yuan revenue in the first quarter of 2015, an increase of 37 percent from the same period in 2014, according to the company's financial report published in May.

Liu from Sootoo noted that in the next decade, Legend will expand its non-­conventional businesses while maintaining its PC strengths.

Although the IT business accounted for a large part of Legend's total revenue, the gross profit margins of the company's property and chemical businesses both surpassed 30 percent of its total profit margins in 2014, he said. "Those are the sectors with potential for Legend."

Source: Global Times
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Re: Legend IPO

Postby winston » Mon Jun 15, 2015 10:57 am

Legend Attracts State Firms, Hong Kong Tycoons to $2 Billion IPO by Joyce Koh

Legend Holdings Corp., the Chinese conglomerate whose holdings include the world’s largest computer maker, drew investments from state firms and Hong Kong tycoons for its initial public offering that could raise as much as $2 billion.

Legend is offering 352.9 million shares at HK$39.80 to HK$43 apiece, according to terms for the deal obtained by Bloomberg.

It agreed to sell as much as $950 million of stock, or about half the offering, to 24 cornerstone investors including billionaire Cheng Yu-tung and government-owned China National Building Materials Group Corp.

The offering will add to the $28.3 billion of first-time share sales by Chinese companies this year, on track for the busiest first half since 2011, data compiled by Bloomberg show.

Legend, started in 1984, has expanded into a company with $47 billion of assets and more than 60,000 employees at the end of 2014, according to its website.

State-backed conglomerate Citic Ltd. and China Reinsurance (Group) Corp. each agreed to invest $50 million in the offering, according to the terms.

Former Sun Hung Kai Properties Ltd. Chairman Walter Kwok, consumer electronics maker TCL Corp. and an arm of billionaire Guo Guangchang’s Fosun International Ltd. each agreed to buy $30 million of stock.

So-called cornerstone investors typically agree to hold on to their shares for six months in return for guaranteed allocation.

Legend aims to price the offering on June 19 and start trading June 29.

Source: Bloomberg
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Re: Legend IPO

Postby winston » Mon Jun 15, 2015 3:33 pm

Last Update as at 15 Jun 14:37 (HKT)

<IPO News>Legend Holdings(03396.HK) IPO to Kick Off Tomorrow

LENOVO GROUP (00992.HK)'s parent company Legend Holdings(03396.HK) held the roadshow today.

According to the sales document, the company plans to issue 352.944 million new H shares, of which 95% will be for international placing and 5% will be for public offering, with 15% over-allotment option attached.

The subscription price ranges from $39.8 to $43. The proceeds are expected to be in a range of $14.047-15.177 billion. With a board lot size of 100 shares, the entry fee is approximate of $4343.33.

The company has introduced a total of 24 cornerstone investors, including PING AN (02318.HK), Cheng Yu-tung, China Re Asset Management Company Ltd., Suning, China Life Franklin Asset Mgt Co. Ltd, CNBM (03323.HK), China Aerospace Investment, CITIC (00267.HK), Fubon Life Insurance, ICBC Asset Management, Walter Kwok, VALUE PARTNERS (00806.HK), etc.

The total subscription of the cornerstone investors amounted to US$950 million (approximately HK$7.41 billion).

Source: AAStocks Financial News
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Re: Legend IPO

Postby winston » Tue Jun 16, 2015 4:44 am

Lenovo parent opens its book

Legend Holdings, the parent of Lenovo Group(0992), opens its retail book today with 24 cornerstone investors subscribing to half the much-anticipated OFFERING.
They include Hong Kong tycoons Cheng Yu-tung and Walter Kwok Ping- sheung.

The Beijing-based conglomerate is seeking up to HK$15.18 billion through the INITIAL PUBLIC OFFERING.

It has set a price range of HK$39.80 to HK$43 for each SHARE, requiring a minimum of HK$4,343.33 for a board lot of 100 SHARES.

Retail bookbuilding ends on Friday and TRADING is slated for June 29.

The 24 cornerstone investors have bought HK$7.41 billion WORTH OF SHARES. Cheng subscribed to HK$468 million worth of shares, while Kwok, former chairman of Sun Hung Kai Properties (0016) agreed to invest HK$390 million.

Cornerstone investors have agreed to a six month lock-up period.

Chairman Liu Chuanzhi said if the company went public in the A-share market, its valuation would be higher because it is more well-known in China.

But he chose Hong Kong for its higher transparency and better regulation, which can help the company shine on its own and stay above market volatility.

Liu does not expect the STOCK PRICE to soar after listing, but he believes it will gradually increase.

He said the company could also list in the A-share market in the FUTURE.

Market sources said the international tranche of Legend Holdings has been oversubscribed.

Source: The Standard HK
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Re: Legend IPO

Postby winston » Tue Jun 16, 2015 4:44 am

Lenovo parent opens its book

Legend Holdings, the parent of Lenovo Group(0992), opens its retail book today with 24 cornerstone investors subscribing to half the much-anticipated OFFERING.
They include Hong Kong tycoons Cheng Yu-tung and Walter Kwok Ping- sheung.

The Beijing-based conglomerate is seeking up to HK$15.18 billion through the INITIAL PUBLIC OFFERING.

It has set a price range of HK$39.80 to HK$43 for each SHARE, requiring a minimum of HK$4,343.33 for a board lot of 100 SHARES.

Retail bookbuilding ends on Friday and TRADING is slated for June 29.

The 24 cornerstone investors have bought HK$7.41 billion WORTH OF SHARES. Cheng subscribed to HK$468 million worth of shares, while Kwok, former chairman of Sun Hung Kai Properties (0016) agreed to invest HK$390 million.

Cornerstone investors have agreed to a six month lock-up period.

Chairman Liu Chuanzhi said if the company went public in the A-share market, its valuation would be higher because it is more well-known in China.

But he chose Hong Kong for its higher transparency and better regulation, which can help the company shine on its own and stay above market volatility.

Liu does not expect the STOCK PRICE to soar after listing, but he believes it will gradually increase.

He said the company could also list in the A-share market in the FUTURE.

Market sources said the international tranche of Legend Holdings has been oversubscribed.

Source: The Standard HK
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