By P.R. Venkat
A unit of property developer Shimao Group Holdings has filed a draft prospectus for a listing in Hong Kong, the latest Chinese firm keen to test the hot equity fund raising market in the city.
Shimao Services Holdings Ltd. has appointed Morgan Stanley and CICC International as joint sponsors for the initial public offering, a draft IPO prospectus filed to the Hong Kong Exchange late Sunday showed.
The prospectus didn't disclose the size of the offering nor the timing.
Hong Kong's IPO market has been active in recent months, drawing several Chinese companies involved in businesses ranging from pharmaceuticals to property to tobacco.
Shimao Services is a property management services company. For the six months ended June, the company's total revenue rose 85% from a year earlier to 1.56 billion yuan ($233 million), the draft prospectus showed.
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(END) Dow Jones Newswires