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August 7, 2019

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HK firm in strong US debut

Source: Xinhua | 00:00 UTC+8 August 7, 2019 | Print Edition

AMTD International, a Hong Kong-based investment bank and asset manager, extended solid gains on Monday (US time) after it commenced trading on the New York Stock Exchange.

AMTD surged over 20 percent to close at just over US$10. The initial public offering, priced at US$8.38 per share, involved 20,759,700 American Deposit Shares.

The company has granted the underwriters a 30-day option to purchase up to an aggregate of 3,113,955 additional ADS’ from the company to cover over-allotments.

The listing marks the first Hong Kong homegrown company to be traded on the NYSE.

It is also the first Asian independent investment bank to be listed in the United States.

Calling the listing an “important milestone in AMTD’s growth,” Calvin Choi, chairman and CEO of the company, said it was committed to connecting Asian clients to global capital markets.

“This IPO will help us accelerate our strategy to expand into key global financial centers, diversify our business and further enhance the unique ‘AMTD SpiderNet’ ecosystem of clients, business partners and investee companies,” Choi said in a statement on Monday.

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