Poly Developments and Holdings Group Co Ltd Class A

600048: XSHG (CHN)

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Small Valuation Uplift From IPO of Poly Subsidiary; Likely to Fall Short of Full-Year Sales Target

Phillip Zhong

Dec 23, 2019

Poly Developments and Holdings successfully listed its property management business, Poly Property Development. The entity issued 133 million shares or 25% of its equity at HKD 35.10 per share, raising HKD 4.7 billion. The shares began trading on Dec. 19 and ended the day at HKD 44.50, up nearly 30%. Based on projected full-year earnings for 2019, the shares are trading at 26 times earnings based on the placing price and at 34 times earnings based on the closing price.

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Poly Developments and Holdings Group Co Ltd Class A

Small Valuation Uplift From IPO of Poly Subsidiary; Likely to Fall Short of Full-Year Sales Target

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