Chongqing Machinery prices IPO at bottom

The final price of HK$1.30 a share leaves the state-owned industrial conglomerate with $167 million to expand its product portfolio.

Western China's largest industrial conglomerate, Chongqing Machinery and Electric, has priced its initial public offering at the bottom of the indicated range of HK$1.30 to HK$1.70 a share.

This continues a trend of Hong Kong IPOs pricing at the bottom, making Little Sheep's pricing at the mid-point last week a notable exception rather than a sign that things were picking up.

Indeed, H-share companies came under extensive selling pressure yesterday after China announced it will tighten the...

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