October 8th, 2019, FriendTimes Inc. (“FriendTimes” or the “Company”) (stock code: 6820.HK) successfully listed on Hong Kong stock exchange main board. CMBI acted as Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager for FriendTimes’ IPO.
FriendTimes is a leading integrated and well-established mobile game developer, publisher and operator with particular success in female-oriented games. Since inception in 2010, FriendTimes has been strategically focusing on mobile games targeting female players in the PRC to capture the significant growth potential in both the mobile game industry and the female-oriented game market. According to Frost & Sullivan, FriendTimes ranked the third in the PRC female-oriented mobile game market as measured by revenue from female-oriented mobile games in 2018, which accounted for approximately 2.9% of the female-oriented mobile game market in the PRC in 2018, and the first in the ancient Chinese style female-oriented mobile game market in the PRC in terms of revenue from ancient Chinese style female-oriented mobile games in 2018. FriendTimes accounted for approximately 31.5% of the revenue of ancient Chinese style female-oriented mobile game market in the PRC in 2018. Leveraging on the success in the PRC market, FriendTimes expanded into overseas market in 2011, and was awarded the “National Key Cultural Export Enterprise (国家文化出口重点企业)” in 2018.
FriendTimes issued 330,000,000 new shares in the global offering and was priced at HK$1.52 per share, with total proceeds being HK$502 million (assuming Over-Allotment Option is not exercised). The book was multiple times covered with a good mixed of investors. The international offering was over-subscribed because of the Company's excellent fundamentals and attractive pricing level.
As the Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager in this project, CMBI played an important role in deal execution, marketing and sales. Leveraging strong network of Sovereign wealth funds, Chinese investors and high net-worth individuals, CMBI assisted the Company in introducing many long-term, high quality and low price-sensitive investors, which has made an important contribution to successful listing of FriendTimes.