A Mainland conglomerate with several listed companies in its portfolio, the IPO candidate belongs to a breed of companies which - with a few notable exceptions such as the Cheung Kong group - has lagged the broader market performance in recent years as investors have preferred to create their own portfolios. The idea has been that by buying the listed subsidiaries directly, they would be able to avoid the holding company discount typically associated with these types of companies.
The conglomerate...
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