Poly Property Development Co. is planning an initial public offering in Hong Kong as its Shanghai-listed controlling shareholder Poly Developments & Holdings Group Co. (600048.SH) seeks to spin off some businesses.
Huatai Financial Holdings and GF Capital Ltd. are among the banks that have been appointed to advise Poly Property Development on the IPO, a notification filed to the Hong Kong exchange late Sunday showed.
The notification didn't disclose how much the company is seeking to raise from the offering.
Poly Property is a property-management service provider in China. Its controlling shareholder Poly Developments is majority owned by state-run China Poly Group.
For the six months ended June, Poly Property's total revenue nearly doubled on year to 2.82 billion yuan ($401 million).
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