Golden Wheel attracts strong demand for Hong Kong IPO

The small-cap Chinese property developer raises $98 million with ease amid a pickup in risk appetite, sending a positive signal for other issuers in the pipeline.

Chinese property developer Golden Wheel Tiandi Holdings has raised HK$756 million $98 million from the first initial public offering of size in Asia this year. Encouragingly, the deal attracted good interest both from institutional and retail investors, suggesting that the appetite for new listings may be returning.

This allowed the company to fix the price towards the top of the range at HK$1.68, although sources noted that there was little price sensitivity and...

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