PICC, the Chinese insurer, has told 14 banks they can work on the Hong Kong aspect of its potential $6bn share sale, but their roles – and fees – depend on their lining up a big investor before public marketing begins.
The move is fuelling fears that underwriters will be pushed into lending to so-called cornerstone investors, potentially creating false demand in the lacklustre market for initial public offerings.
The number of cornerstone investors’ involvement in deals has tended to peak just ahead of a market slump.
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