Closed at HK$0.41 per Share 46% Higher than Offer Price
HONG KONG —Â Polyfair Holdings Limited (“Polyfair Holdings” or the “Group”, stock code: 8532), a subcontractor that provides one-stop facade and curtain wall works solutions in Hong Kong, has commenced dealing on the Growth Enterprise Market (“GEM”) of The Stock Exchange of Hong Kong Limited (“HKSE”) today.
The shares of Polyfair Holdings were actively traded today and recorded a satisfactory price performance. The intra-day high was HK$0.45 per share. The closing price was HK$0.41 per share, approximately 46% higher than the Offer Price of HK$0.28 per Offer Share.
Mr. Chow Mo Lam, Executive Director and the Chairman of the Board of Polyfair Holdings Limited, said “As the Group is officially listed on HKSE today, Polyfair Holdings’s business development has entered a brand new stage. We are happy to receive the recognition of investors on the Group’s development potential and prospects. We believe that with the Group’s well-established track record in the industry, stable business relationships with major suppliers and customers, one-stop professional services as well as our extensive experience and technical know-how of the management team, the business of the Group will continue to grow steadily, which strengthens the Group’s market position in the facade and curtain wall industry, and brings maximum returns to shareholders.”
Polyfair Holdings offered a total of 200,000,000 shares, with an Offer Price of HK$0.28 per Offer Share and a board lot size of 8,000 shares. After deducting the related expenses in connection with the listing and share offer, the net proceeds from the share offer is approximately HK$30.2 million. Proceeds from share offer will be mainly used for settling upfront costs of three new projects and one potential project, satisfying the surety bond requirement of one of the new projects, expanding operation teams, offices and equipment, as well as general working capital.
Sunfund Capital Limited is the Sole Sponsor of the share offer. Huabang Securities Limited and Future Land Resources Securities Limited are the Joint Bookrunners and Joint Lead Managers, whereas Sunfund Securities Limited is the Co-Lead Manager.