China South City IPO prices at top to raise $406 million

All types of Chinese investors line up to take a chunk of the first operator of trade centres to be listed in Hong Kong.

China South City Holdings yesterday raised $406 million ahead of its listing on September 30. The developer and operator of a Shenzhen logistics and industrial trade centre is a well-known company in China and this helped to fill the book with orders from local investors.

The deal priced at HK$2.10 a share, the top of an indicative range that went as low as HK$1.40. The 1.5 billion shares on offer represent 25% of the company, and...

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