Bright Smart's IPO 163 times subscribed

HK$237mln offer with price fixed at HK$1.60 per share primarily used to develop securities business.

Bright Smart Securities & Commodities Group Limited (“Bright Smart” or “the Group”), a leading provider of online brokerage services with low commission rates, on Tuesday announced its share offer allotment results.

The offer shares for Hong Kong public offer were approximately 163 times subscribed and the placing shares have also been over-subscribed. The Offer Price has been fixed at HK$1.60 per share. The over-subscription in the Hong Kong public offer has activated the clawback mechanism. The final number of offer shares under the Hong Kong public offer has been increased to 83,400,000 shares, and the number of shares for the international placing has been reduced to 83,400,000 shares, according to a Bright Smart report.

Based on the final Offer Price of HK$1.60 per Offer Share, the estimated net proceeds from the Share Offer amounted to approximately HK$237 million and will be used to develop the Group’s existing securities business, including margin financing and IPO financing and develop the Group’s existing futures business.

Mr. Yip Mow Lum, Chairman of Bright Smart Securities, said, “We are pleased by the subscription results, which demonstrate the confidence of investors in our business and prospects. The listing on the Main Board of The Stock Exchange of Hong Kong Limited is an important milestone for Bright Smart, providing us with a strong impetus to our brand to accelerate the overall development of our business.”

Shares of Bright Smart will commence dealing on the Main Board of The Stock Exchange of Hong Kong Limited on Wednesday, 25 August 2010 under the stock code of 1428. Trading will be in board lots of 2,000 Shares.
BOCOM International (Asia) Limited and Somerley Limited are the Joint Sponsors, while BOCOM International Securities is the Bookrunner, Lead Manager and Underwriter.