China CNR Corp prices IPO towards bottom

Chinese train manufacturer brings some cheer back to the Hong Kong IPO market following pulled WH Group listing.

China CNR Corp prices IPO towards bottom

China CNR Corp’s 1.82 billion share initial public offering was priced at HK$5.17 per share on Friday, towards the bottom end of its HK$5 to HK$6.20 indicative range.

The Chinese train maker’s pricing was partially dictated by a regulatory requirement to fix the deal at a minimum 10% discount to the group’s A-shares.

However, most of the institutional orders are said to have clustered around this level anyway. A...

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