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’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 total of 150 accounts participated in the HK$9.4 billion $1.3 billion transaction, with the institutional order book closing roughly three-times oversubscribed.

The deal also had three cornerstone investors Jinxi Axie, a...

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