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Another Chinese developer launches IPO roadshow

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Changsheng looks beyond the correction of Chinese property stocks as it braves the market with a $144 million IPO.

Chinese property developer Changsheng China Property today launches the roadshow for its Hong Kong initial public offering, which aims to raise up to HK$1.13 billion ($144.5 million).

The company is planning to sell 250 million new shares, or around 25% of its enlarged share capital, of which 90% is earmarked for institutions and the rest for retail investors. The offering has a standard 15% greenshoe and clawback mechanism which could see retail investors end up with 50% of the shares if the retail tranche is over a hundred times subscribed.

Cazenove is the sole global ...

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