21 August 2019

Poly Culture aims to raise HK$2.57 bln in HK IPO, paper says

Poly Culture Group (03636.HK), the culture and auction arm of military-backed conglomerate China Poly Group Corp., began taking retail share orders in Hong Kong Monday to raise up to HK$2.57 billion (US$331.25 million) from an initial public offering, the Shanghai Securities News reported Tuesday, citing a company statement. It priced the shares at HK$28.20 to HK$33 each. Poly Culture will be the first mainland auction house to go public and half of the proceeds will fund global expansion of its auction business, while 40 percent will be allotted to its theatre management and cinema unit, the report said.

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