OSAKA, Japan, Nov. 22, 2018 /PRNewswire/ - Japanese private wealth management company, Yokohama Daisan Management, has commented on the recent initial public offering developments of Tencent Chinese-backed travel company, Tongcheng-Elong Holdings Ltd.
The company has raised just over US$180 million on its initial public offering that listed on the Hong Kong exchange. Shares of the company were priced in at HK$9.80, each with around 143 million available. Values ranged from HK$9.80 – HK$12.60, each through the trading session, reported analysts from Yokohama Daisan Management.
The Chinese travel company Tongcheng-Elong had originally cut its previous target from $1 billion to $800 million due to the slump within the global technology market. With the New York Stock Exchange's classified index for its biggest technology companies, called the FANG+ index, it has already fallen 8 percent over the past few days to levels not seen since January.
"More technology companies have been hesitant to list due to the correction we are seeing in the markets; however, there is still a big buying opportunity and these companies are still raising more than forecasted, which shows positive signs in the economy," commented George Chase, who heads up the Corporate Trading department for equities at Yokohama Daisan Management.
More IPOs have been delayed launching their share sales, such as Babytree, which is backed by Alibaba Group Holding Ltd. The company delayed its sales by one day, which ended up raising over $200 million.
Recent days of trading have seen Chinese and Hong Kong markets increase in value, noted Yokohama Daisan Management.
About: Yokohama Daisan Management was launched in 2009 and has since proven outstanding results managing clients' capital. With our team's expertise and years of experience, our asset under management is now over $8.71 billion USD. For more information, please visit us at www.ydminternational.com/.
SOURCE Yokohama Daisan Management