HONG KONG--Legend Holdings Corp., the Chinese conglomerate that is the largest shareholder in Lenovo Group Ltd., is planning to seek approval for an IPO of as much as US$2 billion from the Hong Kong stock exchange Thursday, people with direct knowledge of the deal said.
In Hong Kong, companies that want to list initial public offerings need to get approval from the city’s stock exchange before doing so.
If Legend, based in Beijing, gets the go-ahead Thursday, it will begin sounding out investors for a Hong Kong listing next week, and if the feedback is positive, it will launch its IPO and take orders the following week, the people said. That schedule would mean Legend would list by the end of this month, the people said, adding the final timetable depends on market conditions.
Legend’s IPO has been long anticipated by investors seeking insights into one of the country’s oldest state-linked conglomerates. Apart from controlling PC-maker Lenovo LNVGY, -0.25% , which bought International Business Machines Corp.’sIBM, +0.31% personal-computer business a decade ago, Legend has interests in real estate across China and controls Hony Capital, a Chinese private-equity firm.
By YVONNE LEE
APAC Financial Markets • #ChineseConglomerate, #Equities, #HongKong, #HonyCapital, #IPO, #Legend, #LegendHoldings, #Lenovo #Equities, #Issuance/Pipeline
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