China: Joyvio parent company to raise US$1.94B through IPO
The parent organization of China's largest fruit company Joyvio has announced it plans to raise up to US$1.94 billion in an initial public offering (IPO) on the Hong Kong Stock Exchange. 
Beijing-based Legend Holdings Corp said the IPO was scheduled for June 29, and it would aim to sell a total of 25,294 million shares at a price range between HK$39.8-43 (US$5.10-5.60)
Other than being the parent company of Joyvio, the investment group is the largest shareholder of PC and smartphone maker Lenovo Group, and has invested in real estate, finance, services and chemicals.
Legend Holdings said it will use more than half of the funding raised in the IPO to boost strategic investments and acquisitions in consumer and service-related sectors.
The company was founded in 1984 by its current chairman Liu Chuanzhi and 10 other researchers with CNY200,000 (US$32,000) from the government think tank Chinese Academy of Sciences.
Photo: www.shutterstock.com
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