ZhengTong raises $470 million from Hong Kong IPO

Investors like ZhengTong's growth story, but the deal still prices below the mid-point.

China ZhengTong Auto Services has raised HK$3.65 billion $470 million from a Hong Kong initial public offering after pricing its shares slightly below the mid-point of the indicated range.

The company -- a BMW dealer and leading 4S sale, spare parts, service and survey dealer in China -- kicked off the roadshow on November 22 and fixed the price last Friday. During the two-week bookbuilding, investors became more careful and selective with regard to their investments amid...

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