The company seems to have gained from the burgeoning appetite for new economy companies in Hong Kong as it raised the second largest amount through an IPO in the city's history. It had planned to raise .1 billion from the IPO. China Literature saw its retail tranche oversubscribed 620 times after it closed for subscription on Tuesday. With this it has become the most popular IPO in Hong Kong after China Railway Construction Corporation, which raised HK5.4 billion in 2008.
The company started trading on May 2 under the ticker symbol of "KXIN" after its business combination with CM Seven Star Acquisition Corporation, a Chinese blank check company formed for the purpose of entering into business ties with one or more businesses.
The company said that it has received nearly 700,000 tourists between Mar 1 – when it resumed operations following a hiatus because of the pandemic – and the end of September.
The company's Santa Cruz River hydropower station, which is under construction, is the largest project in Argentina and the largest overseas hydropower project undertaken by a Chinese enterprise so far, in terms of contract value, it said.
The company said net revenue for the third quarter of 2019 rose 10 percent year-on-year to 19.6 billion yuan, compared with 17.8 billion yuan for the same period a year ago. Its net profit stood at 1.2 billion yuan, an increase of 140.2 percent year-on-year from 500.8 million yuan in the same period a year earlier.
The company now has two overseas manufacturing plants in Thailand and Serbia, respectively.
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The company said its customer-to-business operations have contributed a lot to its sales performance.
The company started operating public cloud services in South Africa in December. It is deploying a regional data center in Johannesburg, from which its cloud services can cover neighboring countries and regions. More data centers are also in the pipeline to extend its reach across the continent.
The company says it is centered on the futuristic operating system, the brain of an intelligent car.
The company said it supplied services to more than 45 percent of the approximately 2 million real estate agents in China as of Dec 31, 2018, citing market research by Frost & Sullivan.