Tom.com to Seek March GEM Listing
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The report says that the company plans to sell 428,000,000 shares at its IPO at a price of HK$1.48 (US19 cents) to HK$1.78 (US 22 cents) per share. The placement should pump HK$6.3 billion (US$81 million) to HK$8.8 billion (US$1.13 billion) investment into the company.
A company official from Tom.com refrained from any comments on the listing for the time being.
Tom.com is a new joint venture initially between Hutchison Whampoa (40 percent), and Cheung Kong (20 percent) and other strategic partners.
Besides Tom.com, other Internet companies in Hong Kong are showing interest in a GEM Board listing, such as Sun Hung Kai Properties Ltd's new Internet Infrastructure and service company SUNeVision.
Tom.com provides China-related infotainment including: news, travels, money, trends, culture and art.
Adley Low, senior manager of marketing for Tom.com, says that the Web site is wholly produced and managed in China.
Recently, Tom.com announced that it has formed a partnership with China Travel Network Co. Ltd. to set up a joint business venture to provide China travel-related content and online travel agency services.
Tom.com has also invested HK$32.55 million (US$4.2 million) for an initial 15 percent share in OneAsia.com.