Zhongsheng resumes IPO, but halves the size

The Chinese car dealer decides to sell a smaller portion of its enlarged share capital at this time, believing that the stock will command a higher valuation in the long term, sources say.

Zhongsheng Group Holdings, Toyota's major sales and service agent in China, resumes its Hong Kong initial public offering IPO today after a one-week delay and a reduction in the targeted size to less than half of what was originally planned.

The Dalian-based company is offering 286.2 million new shares, or 15.5% of the enlarged share capital, and is hoping to raise between HK$2.73 billion and HK$3.67 billion $352 million to $473 million.

That...

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