SJM's IPO gamble pays off

In a tough market, casino operator SJM prices Hong KongÆs third largest IPO this year, while sportswear company XDLong is forced to cancel its listing plans.

Despite adverse market conditions that have caused three IPOs to be cancelled in the past two days, MacauÆs largest casino operator, Sociedade de Jogos de Macau SJM, managed to beat the odds and price the third largest Hong Kong IPO this year. The company, which is controlled by Macau's gaming tycoon Stanley Ho, raised HK$3.85 billion $494 million ahead of its July 10 trading debut after pricing the deal at the bottom of the HK$3.08 to...

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