Cornerstones to invest $516m in Huishang Bank IPO

The up to $1.3 billion deal was largely covered by China-based accounts pre-launch, highlighting once again the selective interest in new listings by institutional investors.
The launch of Huishang Bank’s initial public offering comes as the Hong Kong IPO market continues to pick up steam.
The launch of Huishang Bank’s initial public offering comes as the Hong Kong IPO market continues to pick up steam.

The launch of Huishang Bank’s initial public offering on Tuesday comes as the Hong Kong IPO market continues to pick up steam with several deals due to price this week and next, and with a pipeline of other potential listing candidates busy preparing in the wings.

The bank is aiming to raise between HK$9.07 billion and HK$10.14 billion US$1.17 billion and US$1.31 billion and looks set to become at least the third largest new listing in Hong Kong so far this year behind Sinopec Engineering and China Huishan Dairy, which raised $1.8 billion and $1.3 billion respectively.

However, the deal also shows the...

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