Guangzhou RF Properties priced a $254 million IPO on Friday July 8 via lead managers Credit Suisse First Boston and Morgan Stanley in the face of considerable retail indifference.
The 183.9 million share deal faced a very weak primary market in which the previous three Hong Kong IPOs have all traded down by 10%-20% and sentiment towards the China property market has slumped. In these circumstances it would not have surprising if the deal...