China’s NSSF joins cornerstones for Poly Culture IPO
China’s National Council for Social Security Fund (NSSF) will commit about $19.8 million as a cornerstone investor in Poly Culture’s HK$2.57 billion ($331 million) Hong Kong IPO.
Poly Culture, an auction business unit controlled by state-owned Poly Group, plans to sell 77.78 million shares at HK$28.20-33 apiece, according to a prospectus. NSSF will subscribe to 5 million shares and, assuming the IPO prices at the mid-point of the range, hold a 2.13% stake in the company.
ICBC Credit Suisse Asset Management is serving as investment manager for the NSSF and will also participate in the offering. Cornerstone investors are subject to a lock-up period of six months.
Established in 2000, Poly Culture managing theaters, movie and television production and art gallery. It expanded into the auction space in 2005, selling Chinese antiques, contemporary art, stamps, coins and others.
The company recorded profit of RMB308.2 million ($50.4 million) in the first ten months last year, down 2.7% from a year earlier.
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