Huishan Dairy kicks off IPO of up to $1.3 billion

The Chinese milk producer has the support of three cornerstone investors and people close to the situation say the deal was covered on day one.

Huishan Dairy kicks off IPO of up to $1.3 billion
Huishan Dairy will be a test of investor appetite after the secondary market correction in June and the summer-related slow-down in capital markets activity in August.

China Huishan Dairy Holdings, a vertically integrated Chinese milk producer, on Tuesday launched the institutional bookbuilding for its initial public offering of between HK$8.64 billion and HK$10.11 billion $1.11 billion to $1.30 billion.

It is the largest IPO to hit the Hong Kong market since May when Sinopec Engineering and China Galaxy Securities raised $1.8 billion and $1.1 billion respectively. Those deals remain the two largest listings in Hong Kong so far...

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