Palace Banquet Holdings Limited Ltd. Trading Debut Closed at HK$0.61 Per Share with an Increase of Around 22% as Compared to The Final Offer Price

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
(??)“ and “Royal Courtyard (??)“. 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.