Hong Kong’s first share sale to be denominated in renminbi raised Rmb10.48bn ($1.6bn) but investors gave it a lukewarm response, highlighting concerns about the future of the nascent market.
The initial public offering of Hui Xian, a real estate investment trust backed by Li Ka-shing, Asia’s richest man, had been expected to draw strong demand.
But after protracted negotiations with fund managers into the early hours of Wednesday, Hui Xian’s underwriters – BOC International, Citic Securities and HSBC – priced the IPO at the bottom of the intended range of Rmb5.24-Rmb5.58 per share.
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