Cornerstone investors have accounted for almost half of new listings in Hong Kong this year — a record level that bankers fear is distorting prices and undermining the credibility of one of the world’s leading equity capital centres.
The investors, who accept six-month lock-ups in return for large allocations, have taken 46 per cent of the $9.7bn equity on offer through initial public offerings so far this year, according to Dealogic.
That ratio is set to rise above 50 per cent for the first time with the $8bn float next month of Postal Savings Bank of China, the world’s biggest IPO for 2016 to date.
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