21 February 2020

Poly auction unit plans to shift IPO to Hong Kong, SCMP says

The culture and auction business unit of state-owned conglomerate Poly Group is preparing for listing in Hong Kong after abandoning its initial public offering in Shanghai amid regulatory uncertainties in the mainland, the South China Morning Post reported Thursday, citing sources familiar with the situation. The Poly Culture Group seeks to raise around US$100 million, which, if the plan pushes through, will make it the first major Chinese auction house to go public outside the mainland, the report said.

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