China's fluctuating relationship with the game of golf is being put to the test following the launch of a flotation by upmarket equipment manufacturer, Honma Golf.
The company opened book building for an HK$1.134 billion to HK$1.471 billion $146 million to $190 million offering on Monday that has been valued at 14.5 to 18.5 times forecast December 2017 earnings.
Sector specialists said the deal was already two times covered by...