The Hong Kong stock exchange [File photo/Zhang Yun (NBD)]

Dec. 19 (NBD) -- Shares of Poly Property Development Co., Ltd. (06049.HK) closed 29.2 percent higher at HKD45.35 (5.8 U.S. dollars) in debut on the Hong Kong Stock Exchange (HKEx) on Thursday. 

Poly Property, a wholly-owned subsidiary of real-estate conglomerate Poly Developments and Holdings Group, principally engages in property management services. The company offered approximately 133 million H shares for sale at the price of HKD35.1 per share.

National Business Daily noticed that the Hong Kong public offering was oversubscribed nearly 222 times from the number of shares initially available. 

The IPO also received warm responses from a number of famous institutions. Singapore-based sovereign wealth fund GIC Private Limited, Gaoling Fund, L.P. and YHG Investment, L.P., hedge funds operated by Hillhouse Capital Management, China Structural Reform Fund Co., Ltd, and CCCC International Holding Limited have subscribed for around 40 million shares in total as cornerstone investors. 

According to a ranking compiled by China Index Academy, Poly Property took the fourth place among China's top 100 property management service companies this year, marking the sixth consecutive year for the company to stay in the top 5.  

Email: lansuying@nbd.com.cn