Galaxy Securities and Sinopec Engineering yesterday began marketing up to $3.6bn in new share sales, presenting a test for Hong Kong’s initial public offering market, which has seen barely $1bn worth of deals this year.
If the two Chinese groups raise the sums targeted, it would more than double the total amount of fresh equity sales in Asia excluding Japan this year – which stands at $2.3bn up to the end of last week, according to Dealogic.
The market for new listings has been poor even though quantitative easing by western central banks and the Bank of Japan have lifted stock market indices and volumes.
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