Templeton hails Shifan IPO in Hong Kong
PRC print and media services business Shifang Holding, partially owned by Templeton Asset Management Ltd, announced yesterday its successful global initial public offering in Hong Kong.
According to its announcement, Shifang Holding estimates that it will receive around HK$450.7 million ($58 million) in proceeds, after deducting underwriting commissions. Shifang is a print and digital media services provider to advertisers that operates through a network of media partners which span 16 second-tier and third-tier cities in eight provinces in China.
Dr. Mark Mobius, Executive Chairman of Templeton’s Emerging Markets Group, which manages a fund that invested in Shifang together with three other investors prior to its Hong Kong listing, said in the statement, “The sector shall have good potential in China. Metro-newspapers are an effective marketing tool to promote consumer products in China. Competent players in this arena will benefit from the rising consumerism in China, particularly in the second and third-tier cities.”
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