CLSA China JV completes inaugural A shares IPO

China Euro Securities Limited has completed its first A share IPO.

Acting as sole sponsor and sole lead underwriter, China Euro Securities CESL has raised Rmb322 million US$39 million for Hunan Xinwufeng through a listing on the Shanghai Stock Exchange.

Hunan Xinwufeng is a major pork supplier to Hong Kong and Macau and is an associate of the previously Hong Kong listed, and now privatized, Ng Fung Hong group. Trading in Hunan Xinwufeng's A shares is expected to start on Wednesday, June 9.

The offer was priced at 16.73 times 2003 profit and was 2,143 times over-subscribed. However, due to the skewed nature of mainland stock market leading to excess demand, oversubscription levels of 1000 plus are very common.

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