(Yicai Global) June 1 -- Shiliu Investment Group has filed for an initial public offering in Hong Kong, with CCB International as the Chinese property developer’s exclusive sponsor.

The IPO prospectus the Beijing-based company submitted to the stock exchange yesterday did not disclose the amount of funds it aims to raise.

Shiliu Investment had 86 property projects as of February, covering 9.2 million square meters of land, with almost 45 percent of them in the Beijing-Tianjin-Hebei metropolitan region.

After a significant drop in 2019, revenue and net profit last year jumped 53 percent and 57 percent to CNY12.3 billion (USD1.9 billion) and CNY1.1 billion (USD173 million), respectively.

Its assets-to-liabilities ratio narrowed 1.5 percentage points to 81.4 percent at the end of 2020. The firm had CNY2.7 billion (USD424 million) of short-term loans and CNY2.2 billion (USD345 million) of non-current liabilities due within a year. The firm had CNY6.8 billion on hand in the period, which could cover short-term debt.

Shiliu Investment owns Shiliu Real Estate Group, which was renamed from K2 Real Estate in 2016. Shiliu Real Estate runs a diversified business in property development, technology incubation and venture capital. Real estate accounted for more than 97 percent of its income last year.

Editor: Futura Costaglione