BBMG Corporation, the Chinese construction materials maker, has enlisted China Life and Bank of China to be cornerstone investors in its initial public offering in Hong Kong this month, which is expected to raise as much as $800m.
The return of cornerstone investors is a sign of renewed confidence in the stock market as, deterred by volatile markets, institutions had not been keen to take strategic stakes in new listings for fear of long lock-up periods.
BBMG's listing comes as the territory's IPO market shows signs of revival, with new listings making spectacular gains on their debuts.
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