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Ever Sunshine in top-up subscription, placing
Posted on Friday, 05 June 2020 09:13
Ever Sunshine Lifestyle Services has initiated a top-up subscription of new shares worth HKD 1.58 billion (USD 203.73 million) that will run alongside a placing of existing stocks. The Cayman Island-incorporated, Hong Kong-based property manager has hired Credit Suisse, Haitong International and Morgan Stanley to place out 134.00 million scrips representing an 8.0 per cent post-issue stake. At HKD 11.78 apiece, the price equates to a discount of 7.0 per cent to HKD 12.66 on 3rd June, the last unaffected trading day prior to the announcement, and of 3.6 per cent to the five-day average finish of HKD 12.22. British Virgin Islands-incorporated Elite Force Development, which is owned by Zhong Lin, Wei Lin and Feng Lin, as to 50.0 per cent, 25.0 per cent and 25.0 per cent, has conditionally agreed to subscribe for the shares. Ever Sunshine has operations across the entire value chain through three business lines, namely property management, value-added services to non-real estate owners and community activities. The company generated net profit of CNY 248.95 million on revenue of CNY 1.88 billion in the 12 months ended 31st December 2019, compared to CNY 100.24 million on CNY 1.08 billion in FY 2018. Proceeds from the subscription would finance business development or investments in the future when opportunities arise and to support working capital and general corporate purposes. Ever Sunshine intends to concentrate on enterprises related to its own core operations, though it has not identified any such targets. In FY 2019, the group acquired 55.0 per cent of Qingdao Yayuan Property Management for CNY 462.00 million. Separately, Elite Force Development is placing out 134.00 million existing shares, just a week after agreeing to transfer 76.82 million stocks to Spectron Enterprises for HKD 782.80 million. This purchase is wholly-owned by Xu Sheng, which is in turn fully held by Cayman Islands-incorporated, Hong Kong-listed CIFI Holdings. © Zephus Ltd