new-hong-kong-listings-show-mixed-performance

New Hong Kong listings show mixed performance

Sinoma gains 35%, while BYD Electronic closes slightly higher and Vietnamese motorbike maker VMEP falls well below its IPO price.
The trading debut yesterday of the last three sizeable Hong Kong initial public offerings this year offered further proof of how investors have become selective in recent weeks. While China National Materials Company, also known as Sinoma, and BYD Electronic International held their ground on the first day of trading, Vietnam Manufacturing and Export Processing VMEP fell below its issue price.

The three companies will bring the total amount of IPO funds raised in Hong Kong this year to $277 billion $36 billion, which is down 16.6% from 2006 when the giant offerings by Industrial and Commercial Bank of China and bank of China inflated the numbers.

In many ways, yesterday's first-day performances were...
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