HONG KONG, CHINA – Media OutReach – 15 February 2019 – Palace Banquet Holdings Limited (“Palace Banquet”, together with its subsidiaries, the “Group”; stock code: 1703),a full-service restaurant group in Hong Kong offering Cantonese dining service and banquet service, announces its successful listing on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”) today.
The closing price of Palace Banquet’s shares was HK$0.61 per share, which was approximately 22% higher than the final offer price of HK$0.50 per share. The highest share price of the day was HK$0.69 per share. On its first trading day, trading volume of the shares of Palace Banquet reached approximately 240 million with a total turnover of approximately HK$146 million.
Shenwan Hongyuan Capital (H.K.) Limited is the Sole Sponsor. Shenwan Hongyuan Capital (H.K.) Limited and Opus Capital Limited are the Joint Global Coordinators. Shenwan Hongyuan Capital (H.K.) Limited, Opus Capital Limited and Haitong International Securities Company Limited are the Joint Bookrunners and Joint Lead Managers. Elstone Securities Limited and Great Roc Capital Securities Limited are the Co-Lead Managers.
Commenting on the trading debut, Mr. Chan Shou Ming, Chairman and Executive Director of Palace Banquet Holdings Limited, said, “The successful listing of the Company’s share on the Main Board of SEHK is a proof of investors’ confidence in the development and future prospects of our business. On this international financing platform, we are confident to further enhance our brand recognition and to capture greater market share in catering market in Hong Kong.”
About the Group
Palace Banquet Holdings Limited is a full-service restaurant group in Hong Kong offering Cantonese dining service and banquet service, including one-stop wedding banquet service. Currently, the Group operates 20 Chinese restaurants under two brand names, namely “Palace (煌府)” and “Royal Courtyard (煌苑)”. According to the Frost & Sullivan Report, the Group ranked the third amongst the Chinese full-service restaurant groups in the Hong Kong banquet market with a market share of approximately 5.0% in terms of revenue in 2017. For the years ended 31 March 2016, 2017 and 2018, its revenue was approximately HK$596.0 million, HK$635.1 million and HK$770.1 million, respectively, whilst its net profit was approximately HK$39.9 million, HK$40.3 million and HK$53.0 million in the same period.