Top China Funeral Provider Gains 66 PCT in First Trading Day
Death care business in China seems to be booming!
Shares of Fu Shou Yuan International Group Ltd, China’s largest provider of funeral services, soared as much as 66 percent in their Hong Kong trading debut on Thursday, leading a pack of first-day trading gains in the city.
Shares in Fu Shou Yuan, in which private equity firm Carlyle Group LP and hedge fund firm Farallon Investors took a minority stake, jumped to HK$5.30 compared with an IPO price of HK$3.33, according to Hong Kong stock exchange data.
Carlyle, whose co-founder William Conway visited Fu Shou Yuan’s main cemetery in Shanghai with a group of eight executives in December 2010, agreed to buy $25 million worth of shares, giving the company a $16.5 million paper profit on its week-old investment.
San Francisco-based Farallon bought another $10 million worth of Fu Shou Yuan shares, according to the IPO prospectus.
Fu Shou Yuan’s IPO was swamped by orders from small investors with the retail portion generating demand of more than 681 times the shares on offer, a company filing showed on Wednesday. The institutional tranche of the IPO was “very significantly over-subscribed”, the filing added.
Latest posts by CDFuneralNews (see all)
- BEAN TOWN BREAK DOWN | FUNERAL hustle 015 - November 14, 2017
- NFDA Goes Big In Boston - November 14, 2017
- 2017 REFLECTION OF NFDA BOSTON AND A TRIBUTE TO THE VETERANS | FUNERAL nation 094 - November 13, 2017
You may be interested
BEAN TOWN BREAK DOWN | FUNERAL hustle 015CDFuneralNews - November 14, 2017
Ryan is exposed EXPOSED as a terrible (.....) in FUNERAL hustle 015! Part 2 of our Boston NFDA recap we…
NFDA Goes Big In BostonCDFuneralNews - November 14, 2017
Brookfield, Wis. – The National Funeral Directors Association (NFDA) 2017 International Convention & Expo, held October 29 through November 1…
2017 REFLECTION OF NFDA BOSTON AND A TRIBUTE TO THE VETERANS | FUNERAL nation 094CDFuneralNews - November 13, 2017
On this episode, we send a big "thank you" to our very own Funeral Commander, Jeff Harbeson in honor of…