Fuyao Glass prices IPO at top

Strong demand for auto glass supplier's Hong Kong IPO underscores the momentum driving Chinese valuations higher.
Auto glass supplier rides Chinese IPO momentum
Auto glass supplier rides Chinese IPO momentum

The Hong Kong initial public offering for Fuyao Glass was priced at the very top of its indicative price range on Wednesday after generating extremely strong institutional and retail demand.

The HK$7.39 billion $952.98 million deal's popularity is testament to the underlying strength of the company, which is already listed in Shanghai and ranks as the world's second largest auto manufacturer by sales. But investors enthusiastic reception is also undoubtedly momentum driven given the record turnover underpinning China's stockmarkets and dearth of recent flotations from Hong Kong.

Fuyao Glass has now executed Territory's largest flotation of the year, although it is unlikely to hold the record...

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