Analysis
Poly Culture Launches IPO with Expectation of Raising $331 Million
Benjamin Genocchio
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Poly Auction House.
Poly Culture Group Corp., the culture and auction business unit of state-owned military-linked conglomerate China Poly Group Corporation and Poly Technologies, Inc., launched an initial public stock offering in Hong Kong on February 24. According to the prospectus, Poly Culture is selling up to 77.78 million shares in an indicative price range of HK$28.20 to HK$33 per share, and the net proceeds are expected to raise up to HK$2.57 billion, or US$331 million. With this step, Poly Culture is planning to “expand its international cultural business and other businesses in culture-related industries,” though what exactly this means is unclear beyond the fact that Poly aims to be more than just a force in the mainland Chinese auction trade.
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