Huge demand for AviChina and Ports Design

Despite a falling stock market, two Hong Kong IPOs record exceptionally strong subscription levels.

Lead managers CLSA and BOCI with ING respectively priced hugely successful deals for P-chip Ports Design and H-share AviChina Industry and Technology after Friday's close.

AviChina has instituted the maximum clawback on its 1.59 billion share deal after the retail order book closed 150 times oversubscribed, with demand of $3.8 billion. Similarly impressive subscription levels were seen on the international side, with investors placing orders for $3 billion and books closing 13.5 times covered.

This led AviChina, the civil unit of Chinese government-owned defense group Aviation Industry Corporation of China II Avic II, to price at the very top end of its indicative price range. Pre-greenshoe, the...

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