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Tencent-Backed Linklogis Rises 9.9% in Hong Kong Debut

Business Maverick

Business Maverick

Tencent-Backed Linklogis Rises 9.9% in Hong Kong Debut

A pedestrian walks past a Tencent Holding Ltd. logo at the company's headquarters in Shenzhen, China, on Saturday, March 20, 2021. Asia’s largest conglomerate was censured by China’s antitrust watchdog on Friday as Beijing expands a crackdown that began with Jack Ma’s online empire. Photographer: Qilai Shen/Bloomberg
By Bloomberg
09 Apr 2021 0

Chinese fintech firm Linklogis Inc. rose on its debut in Hong Kong after pricing its $1 billion initial public offering near the midpoint of an indicative range.

Shares of the Tencent Holdings Ltd.-backed company opened 9.9% higher to HK$19.32. The company priced its IPO at HK$17.58 each, while the retail portion of its offering was oversubscribed by local investors.

Linklogis’ performance comes despite a number of recent listings in Hong Kong were met with lukewarm investor interest. Fintech firm Bairong Inc. slumped 16% during its first day of trading last week, delivering the worst debut in three years, while video streaming service Bilibili Inc. also fell.

Linklogis is a supply chain financing firm in China. While its prospectus shows the company hasn’t made a profit in the last three years, revenue expanded 47% last year following an 83% surge in 2019.

Chinese fintech companies are going through a particularly hard year after Beijing suddenly halted Ant Group Co.’s IPO last year, signaling wider crackdowns for the sector. Regulators are inspecting businesses spanning from online lending to payments and insurance tech, making investors wary when it comes to backing firms in the industry.

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