Powerlong Commercial Management Holdings Limited (“Powerlong Commercial” or the “Company”) today announces the allotment results of the global offering (the “Global Offering”) of its offer shares (the “Offer Shares”). The offer price (the “Offer Price”) has been determined at HK$9.50 per Offer Share (excluding brokerage of 1.0%, the SFC transaction levy of 0.0027% and the Stock Exchange trading fee of 0.005%). Based on the Offer Price of HK$9.50 per Offer Share, the net proceeds from the Global Offering to be received by the Company after deducting underwriting fees and commission, and other estimated expenses payable by the Company in relation to the Global Offering and assuming the option granted by the Company to the Sole Global Coordinator to require the Company to issue and allot up to 22,500,000 additional Shares (representing 15% of the Offer Shares initially being offered under the Global Offering) at the Offer Price to cover over-allocations in the International Offering (as hereinafter defined) (the “Over-allotment Option”) is not exercised, are estimated to be approximately HK$1,336.0 million.

The Offer Shares initially offered for subscription by the public in Hong Kong (the “Hong Kong Public Offering”) have been very significantly over-subscribed. A total of 43,358 valid applications have been received pursuant to the Hong Kong Public Offering on WHITE and YELLOW Application Forms and through giving electronic application instructions to HKSCC via CCASS and through the White Form eIPO Service Provider under the White Form eIPO service (www.eipo.com.hk) for a total of 798,597,500 Hong Kong Offer Shares, representing approximately 53.24 times of the total number of 15,000,000 Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering.

As the over-subscription in the Hong Kong Public Offering is more than 50 times of the number of the Offer Shares initially available for subscription under the Hong Kong Public Offering and the Offer Shares initially offered for subscription outside the United States in offshore transactions in reliance on Regulation S (the “International Offering”) were over-subscribed, the reallocation procedure as described in the section headed “Structure of the Global Offering – The Hong Kong Public Offering – Reallocation and Clawback” in the Prospectus has been applied. A total of 45,000,000 Shares have been reallocated from the International Offering to the Hong Kong Public Offering, increasing the total number of Offer Shares available under the Hong Kong Public Offering to 60,000,000 Offer Shares, representing 40% of the total number of Offer Shares initially available under the Global Offering (before any exercise of the Over-allotment Option).

The Offer Shares initially offered under the International Offering have been moderately over-subscribed and an over-allocation of 22,500,000 Shares was made in the International Offering. A total of 880,280,865 International Offer Shares have been subscribed, representing approximately 6.52 times of the total number of 135,000,000 International Offer Shares initially available for subscription under the International Offering.The final number of Offer Shares under the International Offering is 90,000,000 Shares (including 14,369,156 Reserved Shares offered under the Preferential Offering), representing 60% of the total number of the Offer Shares initially available under the Global Offering (before exercise of the Over-allotment Option). A total number of 45 placees have been allotted three board lots of Shares or less, representing approximately 28.302% of total number of placees under the International Offering.

A total of 28 valid applications pursuant to the Preferential Offering from Qualifying Powerlong Shareholders on BLUE Application Forms for a total of 27,769,957 Reserved Shares have been received, representing approximately 1.93 times of the total number of 14,369,156 Reserved Shares initially available under the Preferential Offering. 14,369,156 Shares were allocated to Qualifying Powerlong Shareholders.

In connection with the Global Offering, the Company has granted the Over-allotment Option to the international underwriters exercisable by the Sole Global Coordinator on behalf of the international underwriters at any time from the Listing Date until Saturday, 18 January 2020, being the 30th day after the last date for lodging applications under the Hong Kong Public Offering, to require the Company to allot and issue up to an aggregate of 22,500,000 Shares, representing in aggregate 15% of the Shares initially being offered under the Global Offering, at the Offer Price to cover over-allocations in the International Offering, if any.

Based on the Offer Price of HK$9.50 per Offer Share and pursuant to the cornerstone investment agreements with the Cornerstone Investors as disclosed in the section headed “Cornerstone Investors” in the Prospectus, the number of Offer Shares subscribed for by the Cornerstone Investors has now been determined. He Sheng Overseas Holdings Limited has subscribed for 8,196,500 Offer Shares, Liaoning Yonghui Supermarket Co. Ltd. has subscribed for 8,196,500 Offer Shares, Mr. Hui Lin Chit has subscribed for 8,196,500 Offer Shares and Orchid China Master Fund has subscribed for 4,918,000 Offer Shares. The Cornerstone Investors have in aggregate subscribed for 29,507,500 Offer Shares, representing approximately 19.67% of the total number of Offer Shares initially available under the Global Offering (assuming the Over-allotment Option is not exercised) and approximately 4.92% of the total number of issued Shares immediately following the completion of the Global Offering (assuming the Over-allotment Option is not exercised).

ABCI Capital Limited is the Sole Sponsor and the Sole Global Coordinator; ABCI Capital Limited, China Industrial Securities International Capital Limited, Guotai Junan Securities (Hong Kong) Limited, CRIC Securities Company Limited, Zhongtai International Securities Limited and CMB International Capital Limited are the Joint Bookrunners.

About Powerlong Commercial Management Holdings Limited
Powerlong Commercial Management Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) is a leading commercial operational service provider in China, as measured by GFA under management as of December 31, 2018, according to Frost & Sullivan. As of December 31, 2018, the Group had 45 retail commercial properties under management, with an aggregate GFA under management of approximately 4.5 million sq.m., excluding car parks. The Group was ranked fourth among all commercial operational service providers in China in terms of GFA under management, excluding car parks, as of December 31, 2018, representing a market share of 0.8%. The Group has grown to be a leader in managing and operating retail commercial properties since its establishment in 1993. The Group is one of the few commercial operational service providers in China possessing the expertise and capability of managing a diversified portfolio of retail commercial properties in terms of target consumer, property location and size and property type. As of June 30, 2019, the Group had 45 retail commercial properties under management with an aggregate GFA under management of approximately 6.4 million sq.m., and was contracted to provide commercial operational services for a total of 59 retail commercial properties with an aggregate contracted GFA of approximately 7.5 million sq.m. The Group also provides residential property management services for residential properties, office buildings and serviced apartments. As of June 30, 2019, the Group had 44 properties under management under its residential property management service segment with an aggregate GFA under management of approximately 10.6 million sq.m., and was contracted to manage 69 properties with an aggregate contracted GFA of approximately 17.1 million sq.m.

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