普洛斯中国，选定港股IPO了？

Core Viewpoint - GLP China is moving forward with its IPO plans in Hong Kong, potentially becoming one of the largest real estate and logistics infrastructure IPOs in Asia for 2026, with an estimated valuation around 200 billion RMB [3][4][7]. Group 1: IPO Details - GLP has selected a group of top international investment banks for its IPO, including Citigroup, Deutsche Bank, Jefferies, and Morgan Stanley, with the IPO expected in the first half of 2026 [4]. - The public offering is anticipated to raise between 3 to 5 billion USD, corresponding to a valuation range of approximately 25 to 30 billion USD (around 200 billion RMB) [6]. - If the upper limit of the valuation is achieved (over 210 billion RMB), it would rank among the top five new listings on the Hong Kong stock exchange in the past five years [7]. Group 2: Business Operations - The core asset package for the IPO will focus on GLP's operations in China, which includes around 450 logistics and industrial parks across 70 regional markets, with an operational area exceeding 55 million square meters and an occupancy rate between 83% and 90% [8]. - For the first three quarters of 2024, GLP reported revenues of 8.17 billion USD, an EBITDA of approximately 1.22 billion USD, and operating cash flow of 390 million USD, indicating a solid short-term liquidity position [8]. - GLP is also integrating data centers and renewable energy into its business model, with a total IT load of about 1,400 megawatts and solar installations generating 2 gigawatts of power, aligning with ESG funding trends [9]. Group 3: Historical Context - GLP China, originally part of ProLogis, had its first IPO in Singapore in 2010, raising approximately 3 billion USD, which was the largest real estate IPO at that time [13]. - After being privatized in 2018 by a consortium led by Hillhouse Capital, Vanke, and others, GLP has since adopted a dual strategy of mature park injection into REITs and maintaining a robust asset management approach [14]. - The potential IPO could signify a doubling of GLP's valuation since its privatization, providing substantial returns for its private equity investors [14].