Zhong An and GCL-Poly price IPOs at top

The order flow on both deals is not impacted by the recent market downturn. Meanwhile, an exceptional debut by Alibaba confirms that investors have lots more cash.

Property developer Zhong An Real Estate and power producer GCL-Poly Energy have both priced their Hong Kong initial public offerings at the top end of the range, suggesting that the sharp downturn in the local market on Friday and Monday had little impact on investor sentiment.

The pricings came as Alibaba.com almost tripled in its trading debut on the Hong Kong main board, confirming the widespread desire to own a piece of this company which is seen as a...

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