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)
- Is Facebook Doomed?… | DISRUPTu! 036 - January 23, 2018
- Funeral Director/Owner Paul Thomas Ayers Hawkins Wins December Sich Casket Giveaway - January 23, 2018
- UPDATE ON HUGE FUNERAL INDUSTRY CIVIL LAWSUIT | FUNERAL nation 101 – CHANGE MAKERS - January 21, 2018
You may be interested
Is Facebook Doomed?… | DISRUPTu! 036CDFuneralNews - January 23, 2018
Ryan breaks down the Facebook news feed changes and what they mean for your deathcare business, and why you shouldn't…
Funeral Director/Owner Paul Thomas Ayers Hawkins Wins December Sich Casket GiveawayCDFuneralNews - January 23, 2018
Sich Casket has announced the winner of their monthly “Year of the Funeral Director” casket giveaway for December. The winner,…
UPDATE ON HUGE FUNERAL INDUSTRY CIVIL LAWSUIT | FUNERAL nation 101 – CHANGE MAKERSCDFuneralNews - January 21, 2018
On this episode, we talk with a death care attorney who is handling a high profile civil lawsuit affecting thousands…