Ann: Proposed IPO of China Subsidiary in Hong Kong, page-6

Approximate value of the listed HK entity added to GMV share price:

A$260M x 70% = A$182 million

There are ~350 million GMV shares (listed + unlisted). Thus A$182 million/350 million shares = $0.52.

So, GMV share price after HK listing should be $0.52 + $0.185 = $0.705 (based on yesterday's closing price of $0.185).