Poly Culture’s debut on the Hong Kong stock market marks the first time a major Chinese auction house has gone public outside the mainland, signalling the growing demand for art from China.
The deal attracted strong demand from Hong Kong retail investors, who helped push the stock up 29 per cent on its first day of trading yesterday.
Poly Culture raised $331m after pricing its shares at HK$33 each, in an initial public offering for which CLSA was global co-ordinator and bookrunner and Citic Securities International the sole sponsor.
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