Superland Group Holdings Limited announces its subscription results, recorded approximately 10 times of over-subscription for its HK public offer

HONG KONG, July 16, 2020 /PRNewswire/ -- Superland Group Holdings Limited ("Superland Group" or the "Company", together with its subsidiaries, the "Group"; stock code: 0368.HK), a leading established contractor based in Hong Kong, is pleased to announce the subscription results for its shares under the Hong Kong public offer (the "Public Offer") and international placing (the "Placing", collectively, the "Share Offer"). The Shares under the Public Offer have been over-subscribed by approximately 10 times. The offer price per Share has been set at HK$0.63 per Share. Dealings in the Shares on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK") is expected to commence on 17 July 2020 (Friday).

A total of 200,000,000 shares are offered under the Share Offer, of which 180,000,000 Shares, or 90%, are offered by way of Placing; while the remaining 10%, or 20,000,000 Shares, are offered under the Public Offer. Based on the final offer price of HK$0.63 per Share, the net proceeds from the Share Offer to be received by the Company (after deducting underwriting fees and commissions and estimated expenses payable by the Company in connection with the Share Offer) are estimated to be approximately HK$79.4 million.

Superland Group intends to use these net proceeds for the following purposes: 1) approximately 36.7% for payment of upfront costs such as payment of costs of materials and sub-contracting charges for new projects; 2) approximately 53.3% for obtaining surety bonds; and 3) approximately 10.0% for general working capital of the Group.

Lego Corporate Finance Limited is the Sole Sponsor. Lego Securities Limited and Business Securities Limited are the Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers. HK Monkey Securities Limited is a Joint Bookrunner and Joint Lead Manager. China Tonghai Securities Limited, Orient Securities Limited, Realord Asia Pacific Securities Limited, Lee Go Securities Limited, Giraffe Capital Limited and Maxa Capital Limited are the Joint Lead Managers.

Mr. Ng Chi Chiu, Chairman, CEO and executive Director of the Group, said, "We believe that the result of the Share Offer has affirmed market's recognition of the Group's business and confidence in our future prospects. We are honoured that investors have shown great support to the Group. Listing on the Main Board of SEHK enables the Group to further strengthen our industry position, enhance our brand recognition and capture greater market share in the local fitting-out works industry."

About the Superland Group Holdings Limited

Superland Group Holdings Limited is an established contractor based in Hong Kong with over 15 years of operating history providing fitting-out services and repair and maintenance services. It has provided services for a number of prominent property projects of established property developers in Hong Kong, including Victoria Harbour Residence, Phase IV of LOHAS Park, St. Martin, Victoria Dockside, Fleur Pavilia, Mount Pavilia and The Spectra. According to the Frost & Sullivan Report, the Group ranked third among fitting-out contractors in Hong Kong market with a market share of approximately 1.2% in 2018 in terms of revenue.


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