Singapore-headquartered shopping mall developer and operator CapitaMalls Asia has submitted an application for a secondary listing on the Hong Kong stock exchange, the company announced Monday.
The company, which is listed on the Singapore Exchange and a component of the benchmark STI index, said the proposed secondary listing on the main board of the Hong Kong stock exchange will " complement its focused expansion strategy in China, enabling the company to achieve its longer-term strategic objectives."
Liew Mun Leong, chairman of CapitaMalls Asia, said the retail sales of China expanded by 18.4 percent to 15.5 trillion yuan (3 trillion Singapore dollars) as the economy grew rapidly.
"With its increasing disposable income and urbanization, we remain confident that China will continue to experience strong retail sales growth," Liew said, adding that the Hong Kong listing will widen the company's investor base and make it more attractive to investors in China.
The company now has 53 malls in 34 cities in China, which accounts for about 37 percent of the total property portfolio by value. Lim Beng Chee, chief executive officer of the company, said that the company is committed to growing its business in China and allocating more capital to the market, and that the listing will raise its profile and invisibility in China.
The proposed listing is still subject to regulatory approval and depends on market conditions. An extraordinary general meeting will be held to seek shareholder approval for matters including the adoption of a Chinese name.
China International Capital Corporation Hong Kong Securities Limited (CICC) and J.P. Morgan are the joint sponsors of the proposed secondary listing.
The company, which is listed on the Singapore Exchange and a component of the benchmark STI index, said the proposed secondary listing on the main board of the Hong Kong stock exchange will " complement its focused expansion strategy in China, enabling the company to achieve its longer-term strategic objectives."
Liew Mun Leong, chairman of CapitaMalls Asia, said the retail sales of China expanded by 18.4 percent to 15.5 trillion yuan (3 trillion Singapore dollars) as the economy grew rapidly.
"With its increasing disposable income and urbanization, we remain confident that China will continue to experience strong retail sales growth," Liew said, adding that the Hong Kong listing will widen the company's investor base and make it more attractive to investors in China.
The company now has 53 malls in 34 cities in China, which accounts for about 37 percent of the total property portfolio by value. Lim Beng Chee, chief executive officer of the company, said that the company is committed to growing its business in China and allocating more capital to the market, and that the listing will raise its profile and invisibility in China.
The proposed listing is still subject to regulatory approval and depends on market conditions. An extraordinary general meeting will be held to seek shareholder approval for matters including the adoption of a Chinese name.
China International Capital Corporation Hong Kong Securities Limited (CICC) and J.P. Morgan are the joint sponsors of the proposed secondary listing.
