China Power International Development CPI generated an allocation headache for lead manager Merrill Lynch on Friday after all tranches of its HK$2.5 billion $321 million IPO closed multiple times oversubscribed. Not since Mengniu Milk's IPO in early June has a HKSE listing by a Chinese company generated such a strong response from investors.
This enabled pricing of the 990 million share deal to come towards the top end of a HK$2.10 to HK$2.60...