Equity deals pulled as investors remain cautious

A selldown of Lee & Man Paper shares is pulled at the last minute, while rumoured deals for China Resources Power and China Cosco fail to materialise.

The Hang Seng Index may have closed at yet another record high yesterday, but the Hong Kong stock market has by no means recovered fully from the August correction in terms of investors' willingness to commit new money.

Greentown China Holdings and China Grand Forestry know this first hand. The placements for these Chinese issuers, which were completed in the past week, were both done at discounts that were a couple of percentage points wider than what could have been...

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