Top Spring’s Hong Kong IPO sells out on first day

Top Spring International's $257 million IPO receives strong demand thanks to a deep discount in the offering price and the company's good fundamentals.

Top Spring International Holdings, a Chinese property developer, kicked off a roadshow for its HK$2 billion $257 million Hong Kong initial public offering yesterday.

Investors shrugged off concerns about the effect of the government's tightening policy on China's overheated property market and showed strong interest in the deal, fully covering the books on the first day.

The Shenzhen-based developer is offering 250 million shares, all primary, at HK$6.23 to HK...

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