Renhe launches IPO, but Gintech holds off

Renhe kicks off its $540 million IPO and immediately runs into a tough challenge as US lawmakers reject the $700 billion bailout package. Gintech postpones its $150 million GDR for now.

After three weeks of investor education and pre-marketing, Renhe Commercial Holdings yesterday finally took the plunge and launched the institutional portion of its initial public offering with the aim to start trading in Hong Kong on October 15.

The Chinese operator and developer of underground shopping centres is the first company to attempt a Hong Kong IPO since China South Locomotive Rolling StockÆs H-share trading debut on August 21 and the outcome of the deal will be crucial for whether...

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