Zhengzhou Coal Mining Machinery has enlisted nearly a dozen banks to hunt down investors willing to take stakes in the Chinese business ahead of its $1bn Hong Kong listing, an example of a trend gripping the world’s biggest market for new listings.
Bankers say that this dash for so-called “cornerstone” investors has grown in importance as Chinese companies starved of credit at home seek to push their listings through Hong Kong’s stuttering markets.
Cornerstone investors, who get into a deal early, have accounted for a greater share of new money raised in Hong Kong so far this year than ever before, according to data from Dealogic.
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