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hk-ipo/data/extracted_text/02483/allotment_results_2023-12-04_2023120402869.txt
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--- page 1 ---
1
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited
(the “ Stock Exchange ”) and Hong Kong Securities Clearing Company Limited (“ HKSCC ”)
take no responsibility for the contents of this announcement, make no representation as to
its accuracy or completeness and expressly disclaim any liability whatsoever for any loss
howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
Unless otherwise defined herein, capitalised terms used in this announcement shall have the
same meanings as those defined in the prospectus dated November 27, 2023 (the “ Prospectus ”)
issued by K Cash Corporation Limited (the “ Company ”).
This announcement is for information purposes only and does not constitute an offer or an
invitation to induce an offer by any person to acquire, purchase or subscribe for securities.
This announcement is not a prospectus. Potential investors should read the Prospectus for
detailed information about the Global Offering desc ribed below before deciding whether or
not to invest in the Offer Shares.
This announcement is not for release, publication, distribution, directly or indirectly, in or
into the United States (including its territories and possessions, any state of the United States
and the District of Columbia). This announcement does not constitute or form a part of any
offer to sell or solicitation to purchase or subscribe for securities in the United States or in
any other jurisdictions. The Offer Shares have not been, and will not be, registered under the
United States Securities Act of 1933, as amended from time to time (the “ U.S. Securities Act ”)
or any states securities laws of the United States. The securities may not be offered or sold in
the United States except pursuant to an effective registration statement or in accordance with
an available exemption from, or in a transaction not subject to, the registration requirements
of the U.S. Securities Act. It is not currently intended for there to be any public offer of
securities in the United States. The Offer Shares are being offered and sold outside the United
States in offshore transactions in reliance on Regulation S under the U.S. Securities Act.
In connection with the Global Offering, China PA Securities (Hong Kong) Company Limited,
as stabilizing manager (“ Stabilizing Manager ”), its affiliates or any person acting for it, on
behalf of the Underwriters, may effect transactions with a view to stabilizing or supporting
the market price of the Shares at a level higher than that which might otherwise prevail in
an open market for a limited period after the Listing Date. However, there is no obligation
on the Stabilizing Manager, its affiliates or any person acting for it, to conduct any such
stabilizing action, which, if commenced, will be conducted at the sole and absolute discretion
of the Stabilizing Manager, its affiliates or any person acting for it, and may be discontinued
at any time. Any such stabilizing activity is required to be brought to an end on the 30th day
after the last date for lodging applications under the Hong Kong Public Offering. Any market
purchases of Shares will be effected in compliance with all applicable laws and regulatory
requirement. Such stabilization action, if commenced, may be effected in all jurisdictions
where it is permissible to do so, in each case in compliance with all applicable laws, rules
and regulatory requirements, including the Securities and Futures (Price Stabilizing) Rules,
as amended, made under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong
Kong).
Potential investors should be aware that stabilizing actions cannot be taken to support the
price of the Shares for longer than the stabilization period which will begin on the Listing
Date and expire on Saturday, December 30, 2023, being the 30th day after the last date
for lodging applications under the Hong Kong Public Offering. After this date, no further
stabilizing action may be taken and demand for the Shares and the price of the Shares could
fall.
Potential investors of the Offer Shares should note that the Overall Coordinators (for
themselves and on behalf of the Underwriters) shall be entitled to terminate the Hong Kong
Underwriting Agreement with immediate effect upon the occurrence of any of the events set
out in the section headed “Underwriting — Underwriting Arrangements and Expenses —
Hong Kong Public Offering — Grounds for termination” in the Prospectus at any time at or
prior to 8:00 a.m. on the Listing Date.
--- page 2 ---
2
K Cash Corporation Limited
K Cashʮ̡
(Incorporated in the Cayman Islands with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the
Global Offering
: 125,000,000 Shares
Number of Hong Kong Offer Shares : 37,500,000 Shares
Number of International Placing Shares : 87,500,000 Shares
Offer Price : HK$1.80 per Offer Share plus brokerage
fee of 1%, SFC transaction levy of
0.0027%, AFRC transaction levy of
0.00015% and Stock Exchange trading
fee of 0.00565%
Nominal value : HK$0.0001 per Share
Stock code : 2483
Joint Sponsors
PING AN OF CHINA CAPITAL (HONG KONG)
Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
PA SECURITIES (HK)
Joint Bookrunners and Joint Lead Managers
Joint Lead Managers
⳪暲@:9)
--- page 3 ---
K CASH CORPORATION LIMITED / K Cash 集團有限公司
ANNOUNCEMENT OF FINAL OFFER PRICE AND
ALLOTMENT RESULTS
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings
as those defined in the prospectus dated 27 November 2023 (the “Prospectus”) issued by K Cash
Corporation Limited (the “Company”).
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could move
substantially even with a small number of Shares traded and should exercise extreme caution when
dealing in the Shares.
SUMMARY
Company information
Stock code 2483
Stock short name K CASH
Dealings commencement date 5 December 2023*
*see note at the end of the announcement
Price Information
Final Offer Price HK$1.800
Offer Price Range HK$1.640 - HK$1.960
Offer Price Adjustment exercised No
Offer Shares and Share Capital
Number of Offer Shares 125,000,000
Number of Offer Shares in Public Offer (after Offer Size
Adjustment Option and reallocation)
37,500,000
Number of offer shares in International Offer (after Offer
Size Adjustment Option and reallocation)
87,500,000
Number of issued shares upon Listing 500,000,000
The number of offer shares above is determined after taking into account the additional shares issued
under the following Offer Size Adjustment Option
Offer Size Adjustment Option (Upsize option)
Number of additional shares issued under the option -
- Public Offer -
- International Offer -
Over-allocation
No. of Offer Shares over-allocated 6,250,000
Such over-allocation may be covered by exercising the Over-allotment Option or by making purchases
in the secondary market at prices that do not exceed the Offer Price or through deferred delivery or a
combination of these means. In the event the Over-allotment Option is exercised, an announcement will
be made on the Stock Exchanges website.
Proceeds
Gross proceeds (Note) HK$ 236.25 million
--- page 4 ---
Less: Estimated listing expenses payable based on Final
Offer Price
HK$ (42.51) million
Net proceeds HK$ 193.74 million
Note: Gross proceeds refers to the amount to which the issuer is entitled to receive. For details of the use
of proceeds, please refer to the Prospectus dated 27 November 2023.
ALLOTMENT RESULTS DETAILS
PUBLIC OFFER
No. of valid applications 5,564
No. of successful applications 3,464
Subscription level 18.93 times
Claw-back triggered Yes
No. of Offer Shares initially available under the Public Offer 12,500,000
No. of Offer Shares reallocated from the International Offer (claw-
back)
25,000,000
Final no. of Offer Shares under the Public Offer (after exercise of
Offer Size Adjustment Option and reallocation)
37,500,000
% of Offer Shares under the Public Offer to the Global Offering 28.57%
Note: For details of the final allocation of shares to the Public Offer, investors can refer to
https://www.hkeipo.hk/iporesult to perform a search by name or identification number or
https://www.hkeipo.hk/iporesult for the full list of allottees.
INTERNATIONAL OFFER
No. of placees 139
Subscription Level 1.24 times
No. of Offer Shares initially available under the International
Offer
112,500,000
No. of Offer Shares reallocated to the Public Offer (claw-back) 25,000,000
Final no. of Offer Shares under the International Offer (after
reallocation)
93,750,000
% of Offer Shares under the International Offer to the Global
Offering
71.43%
The Directors confirm that, to the best of their knowledge, information and belief, (i) none of the Offer
Shares subscribed by the placees and the public have been financed directly or indirectly by the Company,
any of the Directors, chief executive of the Company, controlling shareholders, substantial shareholders,
existing shareholders of the Company or any of its subsidiaries or their respective close associates; and (ii)
none of the placees and the public who have purchased the Offer Shares are accustomed to taking
instructions from the Company, any of the Directors, chief executive of the Company, controlling
shareholders, substantial shareholders, existing shareholders of the Company or any of its subsidiaries or
their respective close associates in relation to the acquisition, disposal, voting or other disposition of Shares
registered in his/her/its name or otherwise held by him/her/it.
--- page 5 ---
LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of shares held
in the Company subject
to lock-up
undertakings upon
listing
% of shareholding in
the Company subject to
lock-up undertakings
upon listing (assuming
the Over-allotment
Option is not exercised)
Last day subject to the
lock-up undertakings
Konew Fintech
Corporation Limited / 康
業金融科技集團有限公
375,000,000 75.00% 4 December 2024 (First
Six-Month Period) Note 1
4 June 2024 (Second
Six-Month Period) Note 2
Subtotal 375,000,000 75.00%
In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the first six-
month period ends on 4 June 2024 and for the second six-month period, on 4 December 2024.
Notes
1. The Controlling Shareholder may dispose of or transfer Shares after the indicated date subject to that the Controlling
Shareholder will not cease to be a Controlling Shareholder.
2. The Controlling Shareholder and Cornerstone Investors will cease to be prohibited from disposing of or transfer ring
Shares after the indicated date.
--- page 6 ---
PLACEE CONCENTRATION ANALYSIS
Placees
Number of
Shares allotted
Allotment as % of
International Offering
(assuming no exercise of
the Over-allotment
Option)
Allotment as % of
International Offering
(assuming the Over-
allotment Option is
exercised and new Shares
are issued)
Allotment as % of total
Offer Shares (assuming no
exercise of the Over-
allotment Option)
Allotment as % of total
Offer Shares (assuming
the Over-allotment
Option is exercised and
new Shares are issued)
Number of
Shares held upon Listing
% of total issued share
capital upon Listing
(assuming no exercise of the
Over-allotment Option)
·% of total issued share
capital upon Listing
(assuming the Over-
allotment Option is
exercised and new Shares
are issued)
Top 1 21,600,000 24.69% 23.04% 17.28% 16.46% 21,600,000 4.32% 4.27%
Top 5 49,140,000 56.16% 52.42% 39.31% 37.44% 49,140,000 9.83% 9.71%
Top 10 67,790,000 77.47% 72.31% 54.23% 51.65% 67,790,000 13.56% 13.39%
Top 25 89,930,000 102.78% 95.93% 71.94% 68.52% 89,930,000 17.99% 17.76%
Notes
* Ranking of placees is based on the number of Shares allotted to the placees.
--- page 7 ---
SHAREHOLDER CONCENTRATION ANALYSIS
Sharehold
ers
Number of
Shares all
otted
Allotment as %
of International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment as %
of International
Offering
(assuming the
Over- allotment
Option is
exercised and
new Shares are
issued)
Allotment as %
of total Offer
Shares
(assuming no
exercise of the
Over- allotment
Option)
Allotment as %
of total Offer
Shares
(assuming the
Over-allotment
Option is
exercised and
new Shares are
issued)
Number of
Shares held
upon Listing
% of total
issued share
capital upon
Listing
(assuming no
exercise of the
Over-allotment
Option)
% of total
issued share
capital upon
Listing
(assuming the
Over-allotment
Option is
exercised and
new Shares are
issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 375,000,000 75.00% 74.07%
Top 5 43,640,000 49.87% 46.55% 34.91% 33.25% 418,640,000 83.73% 82.69%
Top 10 65,090,000 74.39% 69.43% 52.07% 49.59% 440,090,000 88.02% 86.93%
Top 25 91,190,000 104.22% 97.27% 72.95% 69.48% 466,190,000 93.24% 92.09%
Notes
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.
BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
the public will be conditionally allocated on the basis set out below:
NO. OF SHARES APPLIED FOR
NO. OF VALID
APPLICATIONS
BASIS OF
ALLOTMENT/BALLOT
APPROXIMATE
PERCENTAGE ALLOTTED
OF THE TOTAL NO. OF
SHARES APPLIED FOR
2,000 703 2,000 Shares 100.00%
4,000 384 2,000 Shares 50.00%
6,000 176 2,000 Shares 33.33%
8,000 97 2,000 Shares 25.00%
10,000 243 2,000 Shares 20.56% 10,000 7 4,000 Shares
12,000 68 2,000 Shares 19.84% 12,000 16 4,000 Shares
14,000 30 2,000 Shares 19.05% 14,000 15 4,000 Shares
16,000 30 2,000 Shares 18.53% 16,000 28 4,000 Shares
18,000 21 2,000 Shares 17.90% 18,000 33 4,000 Shares
20,000 200 2,000 Shares 17.43% 20,000 578 4,000 Shares
30,000 77 4,000 Shares 15.86%
--- page 8 ---
30,000 47 6,000 Shares
40,000 3 4,000 Shares 14.83% 40,000 85 6,000 Shares
50,000 68 6,000 Shares 14.06% 50,000 72 8,000 Shares
60,000 62 8,000 Shares 13.49% 60,000 3 10,000 Shares
70,000 6 8,000 Shares 13.06% 70,000 8 10,000 Shares
80,000 20 10,000 Shares 12.62% 80,000 1 12,000 Shares
90,000 6 10,000 Shares 12.38% 90,000 8 12,000 Shares
100,000 6 10,000 Shares 11.93% 100,000 157 12,000 Shares
200,000 56 20,000 Shares 10.14% 200,000 9 22,000 Shares
300,000 8 26,000 Shares 9.21% 300,000 36 28,000 Shares
400,000 8 34,000 Shares 8.64% 400,000 3 36,000 Shares
500,000 7 40,000 Shares 8.17% 500,000 5 42,000 Shares
600,000 7 46,000 Shares 7.83% 600,000 7 48,000 Shares
700,000 1 52,000 Shares 7.57% 700,000 1 54,000 Shares
800,000 4 58,000 Shares 7.33% 800,000 2 60,000 Shares
900,000 2 64,000 Shares 7.11%
1,000,000 5 68,000 Shares 6.93% 1,000,000 10 70,000 Shares
1,500,000 7 94,000 Shares 6.30% 1,500,000 2 96,000 Shares
2,000,000 1 118,000 Shares 5.90%
2,500,000 3 140,000 Shares 5.60%
3,000,000 17 750,000 Shares 25.00%
3,500,000 2 870,000 Shares 24.86%
5,000,000 1 1,224,000 Shares 24.48%
6,250,000 2 1,518,000 Shares 24.29%
Total 3,464 37,500,000 Shares
As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC
participants . Investors should contact their relevant brokers for any inquiri es.
COMPLIANCE WITH LISTING RULES AND GUIDANCE
--- page 9 ---
The Directors confirm that, except for the Listing Rules that have been waived and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Companys shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees or
the public (as the case may be) directly or indirectly for each Offer Share subscribed for or purchased
by them was the same as the final Offer Price in addition to any brokerage, AFRC transaction levy,
SFC transaction levy and trading fee payable.
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) and Hong Kong Securities Clearing Company Limited (“HKSCC”) take no
responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from
or in reliance upon the whole or any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the
United States (including its territories and possessions, any state of the United States and the
District of Columbia). This announcement does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States. The securities mentioned
herein have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”). The securities may not be offered or sold in the United States
except pursuant to an exemption fr om the registration requirements of the U.S. Securities Act and in
compliance with any applicable state securities laws, or outside the United States unless in
compliance with Regulation S under the U.S. Securities Act. There will be no public offer of
securities in the United States.
The Offer Shares are being offered and sold (1) solely to qualified institutional buyers as defined in Rule
144A under the U.S. Securities Act pursuant to an exemption from registration under the U.S. Securities
Act and (2) outside the United States in offshore transactions in reliance on Regulation S under the U.S.
Securities Act.
This announcement is for information purposes only and does not constitute an invitation or offer to
acquire, purchase or subscribe for securities. This announcement is not a prospectus. Potential
investors should read the Prospectus dated 27 November 2023 issued by K Cash Corporation Limited
for detailed information about the Global Offering described below before deciding whether or not
to invest in the Shares thereby being offered.
*Potential investors of the Offer Shares should note that the Overall Coordinators (for themselves
and on behalf of the Hong Kong Underwriters) shall be entitled to terminate their obligations under
the Hong Kong Underwriting Agreement with immediate effect upon the occurrence of any of the
events set out in the paragraph headed “Underwriting Underwriting Arrangements and Expenses
Hong Kong Public Offering Hong Kong Underwriting Agreement Grounds for Termination ” in
the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing Date (which is
currently expected to be on 5 December 2023 ).
--- page 10 ---
3
DESPATCH/COLLECTION OF SHARE CERTIFICATES/e-AUTO REFUND
PAYMENT INSTRUCTIONS/REFUND CHEQUES
The following sets out the relevant procedures and time:
HK eIPO White Form service HKSCC EIPO channel
Despatch/collection of Share certificate (Note 1)
For application of 1,000,000
Hong Kong Offer Shares
or more
Collection in person at the Hong Kong Share
Registrar, Tricor Investor Services Limited,
at 17/F, Far East Finance Centre, 16 Harcourt
Road, Hong Kong
Time: 9:00 a.m. to 1:00 p.m. on Tuesday,
December 5, 2023 (Hong Kong time)
If you are an individual, you must not authorise
any other person to collect for you. If you
are a corporate applicant, your authorised
representative must bear a letter of
authorization from your corporation stamped
with your corporations chop.
Both individuals and authorised representatives
must produce, at the time of collection,
evidence of identity acceptable to the Hong
Kong Share Registrar.
Note: If you do not collect your Share
certificate(s) personally within the time
above, it/they will be sent to the address
specified in your application instructions
by ordinary post at your own risk
Share certificate(s) will be issued in the name
of HKSCC Nominees, deposited into CCASS
and credited to your designated HKSCC
Participants stock account
No action by you is required
For application of less than
1,000,000 Hong Kong Offer
Shares
Your Share certificate(s) will be sent to the
address specified in your application
instructions by ordinary post at your own risk
Date: Monday, December 4, 2023
--- page 11 ---
4
HK eIPO White Form service HKSCC EIPO channel
Refund mechanism for surplus application monies paid by you
Date Tuesday, December 5, 2023 Subject to the arrangement between you and
your broker or custodian
Responsible party Hong Kong Share Registrar Your broker or custodian
Application monies paid
through single bank
account
HK eIPO White Form e-Auto Refund payment
instructions to your designated bank account
Your broker or custodian will arrange refund to
your designated bank account subject to the
arrangement between you and it
Application monies paid
through multiple bank
accounts
Refund cheque(s) will be despatched to the
address as specified in your application
instructions by ordinary post at your own risk
Note:
1. Except in the event of a tropical cyclone warning signal number 8 or above, a black rainstorm warning
and/or an “extreme conditions” announcement issued after a super typhoon in force in Hong Kong in the
morning on Monday, December 4, 2023 rendering it impossible for the relevant Share certificates to be
dispatched to HKSCC in a timely manner, the Company shall procure the Hong Kong Share Registrar to
arrange for delivery of the supporting documents and Share certificates in accordance with the contingency
arrangements as agreed between them. You may refer to “— E. Severe Weather Arrangements” in this
section.
Share certificates will only become valid at 8:00 a.m. on Tuesday, December 5, 2023,
provided that (i) the Global Offering has become unconditional in all respects; and (ii) the
right of termination as described in the section headed “Underwriting — Underwriting
arrangements and expenses — Hong Kong Public Offering — Grounds for termination” of the
Prospectus has not been exercised. Investors who trade Shares prior to the receipt of Share
certificates or prior to the Share certificates being valid evidence of title do so entirely at their
own risk.
No temporary evidence of title will be issued in respect of the Shares. No receipt will be issued
for sums paid on application.
PUBLIC FLOAT
Immediately after completion of the Global Offering and the Capitalisation Issue, (i)
125,000,000 Shares, representing 25.0% of the issued Shares (assuming the Over-allotment
Option is not exercised) will be held in the public hands, satisfying the minimum percentage
requirement under Rule 8.08(1) of the Listing Rules; (ii) the three largest public Shareholders
will not hold more than 50% of the Shares held in the public hands at the time of Listing in
compliance with Rule s 8.08(3) and 8.24 of the Listing Rules; and (iii) there will be at least
300 Shareholders at the time of Listing in compliance with Rule 8.08(2) of the Listing Rules.
--- page 12 ---
5
The Directors confirm that immediately after the completion of the Global Offering, (i) no
placee will, individually, be placed more than 10% of the enlarged issued share capital of the
Company; and (ii) there will not be any new substantial shareholder (as defined in the Listing
Rules) of the Company.
COMMENCEMENT OF DEALINGS
Assuming that the Global Offering becomes unconditional in all respects at or before 8:00
a.m. on Tuesday, December 5, 2023, it is expected that dealings in the Shares on the Stock
Exchange will commence at 9:00 a.m. on Tuesday, December 5, 2023. The Shares will be
traded in board lots of 2,000 Shares each. The stock code of the Shares is 2483.
By Order of the Board
K Cash Corporation Limited
Lee Sheung Shing
Chairman
Hong Kong, December 4, 2023
As at the date of this announcement, the board of Directors of the Company comprises Mr.
Lee Kun Tai Steven and Ms. Wong Cheuk Sze as executive Directors, Mr. Lee Sheung Shing,
Ms. Lee Pik Tsong, Ms. Chan Wing Sze and Ms. Kan Pui Yan as non-executive Directors, and
Prof. Hung Wai Man JP, Mr. Mak Wing Sum Alvin and Mr. Leung Ka Cheung as independent
non-executive Directors.