Tom.com Ltd, a
subsidiary of Hutchison Whampoa
Ltd,
will list on the Growth Enterprise Market (GEM) Board of Hong Kong in 1
March, according a report in The Hong Kong Economic Times.
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.
In early February, the company announced it has entered into an agreement
with Pacific Century CyberWorks Ltd with the respect to the acquisition
of a 5 percent stake in Tom.com.
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.
