Hainan Meilan: up, up and away

Hainan Meilan Airport defies market conditions with an IPO ten times oversubscribed by institutional investors.

Hainan Meilan Airport raised HK$762 million $97.9 million from its Hong Kong IPO yesterday Wednesday on the back of strong strategic and institutional bid for its stock. The deal was priced at HK$3.78 a share, right at the top end of its indicative price range of HK$3.15-HK$3.79 a share. The sale represents 45% of the company's share capital.

Hainan Melian Airport is the main airport on the southern Chinese island of Hainan, known as the Hawaii of China. It is a popular holiday destination due to its sub tropical climate and relaxed atmosphere. In 2001 the island received 11.25 million visitors of which 10.79 million were Mainland Chinese.

HSBC was...

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