Deal Analysis: Lianlian Digitech’s HK$657.15m IPO

On March 28, Hangzhou-headquartered Chinese payment service provider, Lianlian Digitech Lianlian, went public on the Hong Kong Stock Exchange HKEX. The initial public offering IPO yielded gross proceeds of HK$657.15 million $83.9 million at HK$10.22 per share, which dipped by 7.6% by close of listing day and stayed around HK$9.5 per share by the time this story published. 

Reports have said that the IPO from Lianlian was a compromise from what was an original aim of $500 million sought in June last year, when it first applied to list on the Hong Kong bourse. The final size was one sixth of the original target,...