- Local apparel labels and packaging products maker Hang Sang (Siu Po) International Holdings has launched an IPO on the Hong Kong Stock Exchange (HKSE) and made a Regulation S placing of shares.
- The IPO—sponsored by VC Capital and Gram Capital—recorded 2,182.33 times over-subscription, which is the third largest over-subscribed IPO in Hong Kong ever.
- Using proceeds of its proposed IPO, Hang Sang plans to increase its printing capacity, expand its sales team, and develop heat transfer technology.
- Formed in 1999 by Samson Fung Man-wai and his younger brother David Fung Man-kam, Hang Sang operates in the highly-fragmented local apparel label and package printing industry which collectively contributed 2 to 3% of Hong Kong's total export value in 2014.
- Around 85% of Hang Sang's total sales comes from four US-based international garment makers that have a presence in Hong Kong, United States, South Korea, India, China, Taiwan, Vietnam, Indonesia and Sri Lanka.
- Norton Rose Fulbright in Hong Kong (Terence Lau, Priscilla Lee) acted as counsel for issuer Hang Sang (Siu Po) International Holdings.
Adam Majeed - Asia Editor