Singapore-listed mall developer CapitaMalls Asia made its debut on the Hong Kong main bourse on Tuesday.
The counter was listed by way of introduction, which means no new shares were issued or funds raised.
The shares closed at HK$7.79 on the Hong Kong bourse. By comparison, the counter settled at S$1.24 a share on the Singapore bourse.
Taking into account the exchange rate difference, the Hong Kong shares ended about 3 per cent higher in price.
Lim Chee Beng, CEO of CapitaMalls Asia, said: “We are already listed in Singapore. The purpose of a secondary listing in Hong Kong is to create a foundation for our future expansion plans… We hope this listing will allow investors to get to know us better, so that they will know who we are when we want to raise funds in this market in the future. ”
CapitaMalls is listing in Hong Kong to tap into the growing China market.
Mr Lim said he expects the asset size of the group to jump to US$16 billion over the next three to five years.
CapitaMalls Asia has a war-chest of almost US$1 billion. It is planning another 26 malls to come on-stream over the next three years, on top of the current 70.
Source : Channel NewsAsia – 18 Oct 2011