China Literature Group IPO responded enthusiastically to the revelation that the securities firm had frozen capital of HK $350 billion.

China Literature Group Hong Kong IPO, Tencent's online literature platform, closed its offering at noon yesterday. According to reports, people from Hong Kong brokerages told reporters that China Literature's market reaction was better than that of Zhongan online earlier. It is expected that IPO will be 420 to 600 times oversubscribed, with a capital freeze of up to HK $350 billion, which is expected to become one of the "top 10 frozen capital new shares" in Hong Kong stocks.

China Literature Group Hong Kong IPO, an online literature platform owned by Tencent, closed its offering at noon yesterday. According to reports, people from Hong Kong brokerages told reporters that China Literature's market reaction was better than that of Zhongan online earlier. It is expected that IPO will be 420 to 600 times oversubscribed, with a capital freeze of up to HK $350 billion, which is expected to become one of the "top 10 frozen capital new shares" in Hong Kong stocks.

China Literature Group, formerly known as Tencent Literature, was registered in the Cayman Islands in April 2013. In 2014, Tencent Literature bought Shanda Literature for $730 million, and the two merged into China Literature Group. As of the end of 2016, China Literature Group content Library has a total of 8.4 million works with more than 200 themes, of which the market share of its own original content is 80%. Online popular search IP "step by step", "Ghost blowing Lantern", "Tomb robbing Notes" and "Nirvana in Fire" all come from China Literature Group, and online reading, copyright operation and paper books are its main sources of income.

it is understood that Tencent owns 62% of China Literature Group and Carlyle Investment Group 12.2%.

China Literature Group's IPO documents show that the selling price ranges from HK $48 to HK $55 per share. At 200 shares per share, the admission fee is as high as HK $11000, and China Literature Group will become the most expensive new stock this year.

Edit: xiongwei