Honma tees off Hong Kong golf IPO

China's fluctuating relationship with the game of golf tested by the flotation of upmarket equipment manufacturer.

Honma tees off Hong Kong golf IPO
A game invented by the Scots?

China's fluctuating relationship with the game of golf is being put to the test following the launch of a flotation by upmarket equipment manufacturer, Honma Golf.

The company opened book building for an HK$1.134 billion to HK$1.471 billion $146 million to $190 million offering on Monday that has been valued at 14.5 to 18.5 times forecast December 2017 earnings.

Sector specialists said the deal was already two times covered by...

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