Hong Kong’s AMTD trades up after US IPO

The company sold 20.8 million shares at $8.38 in the August 5 offering, according to a filing. The share price spiked as high as $10.70 the following day. It last closed at $9.92, giving the company a market capitalization of around $2.3 billion.

AMTD International was spun out from AMTD earlier this year as the holding company for several of the parent’s subsidiaries, including AMTD Strategic Investment, AMTD Investment Solutions, and AMTD Fintech Investment. The company has positioned itself as a facilitator of Greater Bay Area development.

“This IPO will help us accelerate our strategy to expand into key global financial centers, diversify our business and further enhance the unique AMTD SpiderNet ecosystem of clients, business partners and investee companies,” Calvin Choi, AMTD Group’s chairman and CEO, said in a statement.

For the year ended December 2018, the divisions now comprising AMTD International reported total revenue of HK$723 million ($92 million), down from HK$1 billion the year before. Over the same period, net profit declined from HK$673 million to HK$525 million.

Morgan Stanley Private Equity Asia has been a shareholder in the parent company since 2014, when it acquired a majority stake for an undisclosed amount. The firm invested AMTD International earlier this year, committing $8.3 million as part of a $53.5 million round.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• North America
• Financials
• Hong Kong (China)
• Exit
• IPO
• Morgan Stanley Private Equity Asia
• Financial Services