Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. China
  4. Shanghai Stock Exchange
  5. China Tourism Group Duty Free Corporation Limited
  6. News
  7. Summary
    601888   CNE100000G29

CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED

(601888)
  Report
End-of-day quote Shanghai Stock Exchange  -  2022-12-01
199.40 CNY   -2.25%
11/15China, HK stocks drop on COVID outbreaks, geopolitical risks
RE
11/11Chinese Travel, Consumption Stocks Rise as Beijing Eases Covid Rules
DJ
11/10MSCI announces changes to China stock indexes
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

China EV maker Leapmotor puts off $1.5 bln Hong Kong IPO -sources

09/09/2022 | 03:23am EST

HONG KONG, Sept 9 (Reuters) - Chinese electric vehicle maker Zhejiang Leapmotor Technology has shelved a plan to raise $1.5 billion through an initial public offering (IPO) in Hong Kong because of lukewarm investor interest, said two sources with direct knowledge of the matter.

Bankers and advisers had hoped a deal of the size planned by Leapmotor, which would have been Hong Kong's largest IPO so far in 2022, would revive the city's flagging new issue market.

Instead, the deal has been put on hold and Leapmotor is considering cutting the size of the transaction, one of the sources said.

The decision to pause the Hong Kong IPO was made after the company met with investors over the past week to gauge sentiment towards the company and its listing plans, the sources said.

A smaller IPO size would be more attractive to cautious investors and the deal could be brought back if market conditions improve, the first source said.

Leapmotor did not respond to an emailed request for comment.

The sources could not be named as the information was not yet public.

Leapmotor produces four electric vehicle models that mainly target China's middle- and lower-end mass market in a 79,500 yuan-300,000 yuan ($11,466.40-$43,269.44) price range, according to its website and prospectus filed with the Hong Kong Stock Exchange.

Bigger EV makers such as Nio Inc see themselves more as China's challenger to Tesla Inc, mainly producing more expensive and high-end cars.

Leapmotor was ranked 12th in terms of sales in the first seven months among all EV makers in China, with a market share of 2.3%, according to data from the China Passenger Car Association.

It was founded in 2015 in Hangzhou, capital of China's Southeastern Zhejiang province, by the country's second-largest surveillance equipment maker Zhejiang Dahua Technology and its founders.

The firm also counts investment major Sequoia Capital China and state-owned Shanghai Electric Group Corp among its main backers.

Leapmotor had planned to use the proceeds of the IPO for research and development as well as to boost its production capacity and sales network.

It was not immediately clear what impact the IPO's shelving will have on its operations and growth plans.

Volatile financial market conditions caused by Chinese economic growth concerns, the Russia-Ukraine war, high inflation and tightening monetary conditions in major economies have hit investor sentiment in 2022.

Hong Kong IPO volumes have crashed nearly 90% year to date to the lowest level in nine years.

There has been just $2.36 billion raised so far this year, not including secondary listings of Tianqi Lithium, China Tourism Group Duty Free Corp and others, compared with $22.2 billion in the same period of 2021, according to Refinitiv data. ($1 = 6.9333 Chinese yuan renminbi) (Reporting by Scott Murdoch and Julie Zhu in Hong Kong; Additional reporting by Zoey Zhang in Shanghai; Editing by Muralikumar Anantharaman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED -2.25% 199.4 End-of-day quote.-9.12%
NIO INC. 8.60% 13.13 Delayed Quote.-58.55%
SHANGHAI ELECTRIC GROUP COMPANY LIMITED -1.09% 1.81 Delayed Quote.-23.95%
TESLA, INC. 0.08% 194.86 Delayed Quote.-44.68%
TIANQI LITHIUM CORPORATION -1.48% 88.43 End-of-day quote.-17.36%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.29% 7.0163 Delayed Quote.10.38%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.62% 62.572 Delayed Quote.-18.33%
ZHEJIANG DAHUA TECHNOLOGY CO., LTD. 0.92% 12.08 End-of-day quote.-48.55%
All news about CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED
11/15China, HK stocks drop on COVID outbreaks, geopolitical risks
RE
11/11Chinese Travel, Consumption Stocks Rise as Beijing Eases Covid Rules
DJ
11/10MSCI announces changes to China stock indexes
RE
10/31China Tourism Group Duty Free Reports Drop in Q3 Profit
MT
10/28China Tourism Group Duty Free Corporation Limited Reports Earnings Results for the Nine..
CI
10/28China Duty Free Group Co.,Ltd. announced that it expects to receive CNY 1.785626 billio..
CI
10/25Swire Properties, China Tourism Duty Free Unit to Develop Retail Complex in Hainan
MT
10/21China Tourism Group Duty Free to Open Duty Free City in Hainan Next Week
MT
09/29UBS Adjusts China Tourism Group Duty Free's Price Target to 242.90 Yuan From 231 Yuan, ..
MT
09/19CTG Duty Free Raises $270 Million from Partial Exercise of Hong Kong IPO's Overallotmen..
MT
More news
Analyst Recommendations on CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED
More recommendations
Financials
Sales 2022 58 467 M 8 329 M 8 329 M
Net income 2022 6 785 M 967 M 967 M
Net cash 2022 21 592 M 3 076 M 3 076 M
P/E ratio 2022 59,2x
Yield 2022 0,56%
Capitalization 413 B 58 769 M 58 769 M
EV / Sales 2022 6,69x
EV / Sales 2023 3,94x
Nbr of Employees 14 720
Free-Float 42,0%
Chart CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED
Duration : Period :
China Tourism Group Duty Free Corporation Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 31
Last Close Price 199,40 CNY
Average target price 221,23 CNY
Spread / Average Target 10,9%
EPS Revisions
Managers and Directors
Guo Qiang Chen General Manager & Executive Director
Wen Long Chen Chief Financial Officer
Hui Peng Chairman
De Fu Liu Chairman-Supervisory Board
Yan Liu Independent Non-Executive Director